6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549 FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

Date of report: September 14, 2023

Commission File Number: 001-39084

Innate Pharma SA

(Translation of registrant's name into English)

Innate Pharma SA

117 Avenue de Luminy—BP 30191

13009 Marseille, France

+ 33 (0) 4 30 30 30

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F [ X ]    Form 40-F [ ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ]

INCORPORATION BY REFERENCE

This Report on Form 6-K and Exhibit 99.1 and 99.2 to this Report on Form 6-K shall be deemed to be incorporated by reference into the registration statement on Form F-3 (File No. 333-252074) and registration statement on Form S-8 (File No. 333-257834) of Innate Pharma S.A. (including any prospectuses forming a part of such registration statements) and to be a part thereof from the date on which this report is furnished, to the extent not superseded by documents or reports subsequently filed or furnished.

EXHIBIT INDEX

Exhibit

99.1 Press release dated September 14, 2023

99.2 H1 2023 Half-Year Financial Report, January 1 to June 30, 2023

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

INNATE PHARMA S.A.

Date: September 14, 2023    By:    /s/ Mondher Mahjoubi     Name:    Mondher Mahjoubi

Title:    Chief Executive Officer

EX-99.1

INNATE PHARMA REPORTS FIRST HALF 2023 FINANCIAL RESULTS AND BUSINESS UPDATE

•Phase 1/2 dose escalation safety and preliminary efficacy of ANKET® NK cell engager, SAR'579/IPH6101, developed by Sanofi, showed it was well tolerated with observed clinical benefit in patients with R/R AML (ASCO 2023 annual meeting), FDA Fast Track Designation awarded

•Exclusive worldwide rights granted to Takeda to research and develop antibody drug conjugates (ADC) using a panel of selected Innate antibodies; $5m upfront payment to Innate and up to $410m in future milestones plus royalties

•Proprietary ANKET® IPH65 IND approved, progressing to Phase 1

•Proprietary IPH45 ADC target, nectin-4 disclosed

•Innate announces new Chief Medical Officer, Sonia Quaratino

•Cash position of €124.7 million1 as of June 30, 2023, anticipated cash runway into H2 2025

•Conference call to be held today at 2:00 p.m. CEST / 8:00 a.m. EDT

Marseille, France, September 14, 2023, 7:00 AM CEST

Innate Pharma SA (Euronext Paris: IPH; Nasdaq: IPHA) (“Innate” or the “Company”) today reported its consolidated financial results for the six months ended June 30, 2023. The consolidated financial statements are attached to this press release.

“Based on our strong financial position, we continue momentum with our clinical pipeline and were encouraged by the clinical data from our first ANKET® NK cell engager, SAR'579/IPH6101 - in partnership with Sanofi presented at the ASCO 2023 annual meeting. We look forward to further data readouts in the future from this and other exciting pipeline projects including on our ADC pipeline, where we signed a partnership earlier this year with Takeda. Importantly, already in the second half of this year, we expect to report final results from our Phase 2 TELLOMAK trial with lacutamab,” said Mondher Mahjoubi, Chief Executive Officer of Innate Pharma. ”We have also continued to strengthen the team at Innate and it is with great pleasure that we welcome Dr Sonia Quarantino as Chief Medical Officer. She has outstanding international industry experience in clinical development, including in senior roles at leading global pharmaceutical companies. I would like to thank outgoing Joyson Karakunnel for his great work in building/shaping the pipeline and the R&D team during the past years at Innate and wish him well in his future endeavors.”

Webcast and conference call will be held today at 2:00 p.m. CEST (8:00 a.m. ET)

Access to live webcast:

https://events.q4inc.com/attendee/859850812

Participants may also join via telephone by registering in advance of the event at

https://registrations.events/direct/Q4E60903.

This information can also be found on the Investors section of the Innate Pharma website, www.innate-pharma.com.

A replay of the webcast will be available on the Company website for 90 days following the event.

1Including short term investments (€17.5 million) and non-current financial instruments (€35.8 million)

Innate Pharma |HY 2023 Financial results| 1

Pipeline highlights:

Lacutamab (anti-KIR3DL2 antibody):

•Innate continues to see progress for lacutamab with final data from the TELLOMAK Phase 2 trial for both mycosis fungoides and Sézary syndrome expected in H2 2023.

•In June 2023, interim efficacy results from the TELLOMAK Phase 2 study in advanced mycosis fungoides (MF) according to updated lymph node classification were presented at the 17th International Conference on Malignant Lymphoma, in Lugano, Switzerland. Results confirm clinical activity and favorable safety profile of lacutamab. Results showed that lacutamab produced an increased global objective response rate (ORR) of 42.9% (95% confidence interval [CI], 24.5-63.5) in patients with KIR3DL2 ≥ 1% MF (cohort 2, n=21), including 2 complete responses and 7 partial responses.

•Initial PTCL data are expected in H2 2023. Two parallel clinical trials to study lacutamab in patients with KIR3DL2-expressing, relapsed/refractory peripheral T-cell lymphoma (PTCL) are ongoing.

ANKET® (Antibody-based NK cell Engager Therapeutics):

ANKET® is Innate’s proprietary platform for developing next-generation, multi-specific NK cell engagers to treat certain types of cancer. Innate’s pipeline includes four public drug candidates born from the ANKET® platform: SAR’579 / IPH6101 (CD123-targeted), SAR’514 / IPH6401 (BCMA-targeted), IPH62 (B7-H3-targeted) and tetra-specific IPH65 (CD20-targeted). Several other undisclosed proprietary preclinical targets are being explored.

SAR’579 / IPH6101, SAR’514 / IPH6401 and IPH62 (partnered with Sanofi)

SAR’579 / IPH6101

•The Phase 1/2 clinical trial by Sanofi is progressing well, evaluating SAR’579 / IPH6101, a trifunctional anti-CD123 NKp46×CD16 NK cell engager and ANKET® platform lead asset, in patients with relapsed or refractory acute myeloid leukemia (AML), B-cell acute lymphoblastic leukemia (B-ALL) or high-risk myelodysplastic syndrome (HR-MDS).

◦Phase 1/2 dose escalation safety and preliminary efficacy of SAR'579 / IPH6101 in R/R AML, B-ALL and HR-MDS were presented during an oral presentation at the ASCO (American Society for Clinical Oncology) 2023 Annual Meeting in June. Preliminary data showed SAR’579 / IPH6101 was well tolerated and induced 3 complete responses in the 8 patients at 1 mg/kg as highest dose.

◦In June, SAR’579 / IPH6101 received U.S. Food and Drug Administration (FDA) Fast Track Designation for the treatment of hematological malignancies.

◦Preclinical data showing the control of AML cells by a trifunctional NKp46-CD16a-NK cell engager targeting CD123 were published in Nature Biotechnology in January 2023.

SAR’514 / IPH6401

•In July 2023, partner Sanofi advanced SAR’514 / IPH6401, a trifunctional anti-BCMA Nkp46xCD16 NK cell engager, to first-in-human clinical trial in Relapsed/Refractory Multiple Myeloma (RRMM) and Relapsed/Refractory Light-chain Amyloidosis (RRLCA)

◦Our partner presented preclinical data showing SAR’514 / IPH6401 has potent in-vitro, in-vivo and ex-vivo anti-myeloma effect through dual NK cell

Innate Pharma |HY 2023 Financial results| 2

engagement in a poster at the American Association for Cancer Research (AACR) 2023 in April.

IPH62

•As announced on December 19, 2022, Sanofi licensed IPH62, a NK cell engager program targeting B7-H3 from Innate’s ANKET® platform, and the company has the option to add up to two additional ANKET® targets. Upon candidate selection, Sanofi will be responsible for all development, manufacturing and commercialization. Under the terms of the agreement, Innate received a €25m upfront payment and is eligible for up to €1.35bn total in preclinical, clinical, regulatory and commercial milestones plus royalties on potential net sales.

IPH65 (proprietary)

•Following approval of the IND-filing by the FDA in July 2023, IPH65, Innate’s proprietary CD20 targeted tetra-specific ANKET® continues toward a Phase 1 clinical trial in 2023.

◦Updated preclinical data on IPH65 were presented at the European Hematology Association (EHA) 2023 congress in June.

Monalizumab (anti-NKG2A antibody), partnered with AstraZeneca:

•Innate continues to see progress for monalizumab in the early non-small cell lung cancer (NSCLC) setting, with the ongoing Phase 3 PACIFIC-9 study run by AstraZeneca. The study is evaluating durvalumab (anti-PD-L1) in combination with monalizumab or AstraZeneca’s oleclumab (anti-CD73) in patients with unresectable, Stage III NSCLC who have not progressed following definitive platinum-based concurrent chemoradiation therapy (CRT).

◦Monalizumab was highlighted in two “Trial in progress” posters at the ASCO 2023 Annual Meeting in June:

▪Phase 3 study of durvalumab combined with oleclumab or monalizumab in patients with unresectable stage III NSCLC (PACIFIC-9).

▪NeoCOAST-2: A Phase 2 study of neoadjuvant durvalumab plus novel immunotherapies (IO) and chemotherapy (CT) or MEDI5752 (volrustomig) plus CT, followed by surgery and adjuvant durvalumab plus novel IO or volrustomig alone in patients with resectable non-small-cell lung cancer (NSCLC).

IPH5201 (anti-CD39), partnered with AstraZeneca:

•In June 2023, the first patient was dosed in the MATISSE Phase 2 clinical trial conducted by Innate in neoadjuvant lung cancer for IPH5201, an anti-CD39 blocking monoclonal antibody developed in collaboration with AstraZeneca.

IPH5301 (anti-CD73):

•The investigator-sponsored CHANCES Phase 1 trial of IPH5301 with Institut Paoli-Calmettes is ongoing.

Antibody Drug Conjugates:

•Fueling its R&D engine, the Company continues to develop different approaches for the treatment of cancer utilizing its antibody engineering capabilities to deliver novel assets, with its innovative ANKET® platform and continuing to explore Antibody Drug Conjugates (ADC) formats.

Innate Pharma |HY 2023 Financial results| 3

Takeda license agreement:

•In April 2023, Innate announced that it has entered into an exclusive license agreement with Takeda under which Innate grants Takeda exclusive worldwide rights to research and develop antibody drug conjugates (ADC) using a panel of selected Innate antibodies against an undisclosed target, with a primary focus in Celiac disease. Under the terms of the license agreement, Innate received a $5m upfront payment and is eligible to receive up to $410m in future development, regulatory and commercial milestones if all milestones are achieved during the term of the agreement, plus royalties on potential net sales of any commercial product resulting from the license.

IPH45 (nectin-4 ADC):

◦Innate’s proprietary nectin-4 targeted antibody drug conjugate, IPH45 continues toward a Phase 1 clinical trial.

Corporate Update:

•On April 26, Innate announced the establishment of a new At-The-Market (ATM) program, pursuant to which it may, from time to time, offer and sell to eligible investors a total gross amount of up to $75 million American Depositary Shares (“ADS”). Each ADS representing one ordinary share of Innate.

•Dr. Sonia Quaratino, MD, PhD, will join Innate Pharma as Executive Vice President and Chief Medical Officer, effective October 2023. Dr. Sonia Quaratino succeeds to Dr. Karakunnel who is leaving the Company to pursue other challenges. Dr. Quaratino brings over 25 years of experience in basic research, clinical development, and translational medicine, having worked in academia, global large pharmaceuticals, and biotechs. Recently, Dr. Quaratino was Chief Medical Officer at Georgiamune INC.(USA) and prior to that she was Chief Medical Officer at Kymab (UK), a clinical-stage biopharmaceutical company with a focus on immune-mediated diseases and immuno-oncology, acquired by Sanofi in 2021. Previously, she held roles at Novartis (Switzerland) and Merck Serono (Germany), and was Professor of Immunology in UK at the University of Southampton. Her research has been published in high impact scientific journals.

Innate Pharma |HY 2023 Financial results| 4

Financial highlights for the first half of 2023:

The key elements of Innate’s financial position and financial results as of and for the six-month period ended June 30, 2023 are as follows:

•Cash, cash equivalents, short-term investments and financial assets amounting to €124.7 million (€m) as of June 30, 2023 (€136.6m as of December 31, 2022).

•Revenue and other income from continuing operations amounted to €40.2m in the first half of 2023 (€45.6m in the first half of 2022) and mainly comprise of:

◦Revenue from collaboration and licensing agreements, which mainly resulted from the partial or entire recognition of the proceeds received pursuant to the agreements with AstraZeneca, Sanofi and Takeda. They results from the partial or entire recognition of the proceeds received pursuant to the agreements with AstraZeneca, Sanofi and Takeda. They are recognized when the entity's performance obligation is met. Their accounting is made at a point in time or spread over time according to the percentage of completion of the work that the Company is committed to carry out under these agreements:

▪(i) Revenue from collaboration and licensing agreements for monalizumab decreased by €6.9m to €9.5m in the first half of 2023 (€16.4m in the first half of 2022). This change mainly results from the transaction price increase of €13.4 million ($14.0 million) in the first half of 2022, triggered by the launch of the “PACIFIC-9” Phase 3 trial on April 28, 2022. As a reminder, this increase in the transaction price led to the recognition of an additional revenue of €12.5 million for the first half of 2022. However, this decrease is partially offset by an increase in monalizumab-related revenues for the first half of 2023, in line with the progress of Phase 1/2 trials over the period.

▪(ii) Revenue related to the license and collaboration agreement signed with Sanofi in 2016 decreased by €1.0m, to €2.0m for the six months ended June 30, 2023, as compared to €3.0m for the six months ended June 30, 2022. The Company announced that, in June 2023, the first patient was dosed in a Sanofi-sponsored Phase 1/2 clinical trial evaluating SAR'514/IPH6401 in relapsed or refractory Multiple Myeloma. As provided by the licensing agreement signed in 2016, Sanofi made a milestone payment of €2.0 million, fully recognized in revenue as of June 30, 2023. This amount was received by the Company on July 21, 2023. As a reminder, the revenue recognized in the first half of 2022 resulted from Sanofi's decision to advance SAR'514/IPH6401 into investigational new drug (IND)-enabling studies. As such, Sanofi had selected a second multispecific antibody engaging NK cells as a drug candidate. This selection triggered a €3.0 million milestone payment from Sanofi to the Company, fully recognized in revenue as of June 30, 2022.

▪(iii) Revenue of €18.7 million related to the research collaboration and licensing agreement signed with Sanofi in 2022. On January 25, 2023, the Company announced the expiration of the waiting period under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act of 1976 and the effectiveness of the licensing agreement as of January 24, 2023. Consequently, the Company received an upfront payment of €25.0 million in March 2023, including €18.5 million for the

Innate Pharma |HY 2023 Financial results| 5

exclusive license, €1.5 million for the research work and €5.0 million for the two additional targets options. The €18.5 million upfront payment relating to the exclusive license has been fully recognized in revenue as of June 30, 2023. The €1.5 million upfront payment will be recognized on a straight-line basis over the duration of the research work that the Company has agreed to carry out. The €5.0 million initial payment relating to the options is recognized in deferred revenue—non-current portion as of June 30, 2023. The Company will recognize the related revenues either at the reporting date or three years after the effective date.

▪(iv) Revenue of €4.6m related to the licensing agreement signed with Takeda in 2023. On April 3, 2023, the Company announced that it has entered into an exclusive license agreement with Takeda under which Innate grants Takeda exclusive worldwide rights to research and develop antibody drug conjugates (ADC) using a panel of selected Innate antibodies against an undisclosed target, with a primary focus in Celiac disease. Takeda will be responsible for the future development, manufacture and commercialization of any potential products developed using the licensed antibodies. As such, the Company considers that the license granted is a right to use the intellectual property, which is granted fully and perpetually to Takeda. The agreement does not stipulate that Innate's activities will significantly affect the intellectual property granted during the life of the agreement. Consequently, the $5.0 million (or €4.6 million) initial payment, received by the Company in May 2023, was fully recognized in revenue as of June 30, 2023.

◦Government funding for research expenditures of €4.9m in the first half of 2023 (€4.3m in the first half of 2022).

•Operating expenses from continuing operations are €40.6m in the first half of 2023 (€37.1m in the first half of 2022), of which 77.5% (€31.5m) are related to R&D.

◦R&D expenses from continuing operations increased by €6.5m to €31.5m in the first half of 2023 (€25.0m in the first half of 2022). This change mainly results from (i) a €4.9m increase in direct R&D expenses relating to €4.8m non-clinical program in the Antibody Drug Conjugates (ADC) field and a slight increase of clinical programs of €0.1m; (ii) Personnel expenses and other R&D expenses increased by €1.6m (12.9%) to reach €14.2m in the first half 2023 compared to €12.6m in the first half 2022. This increase is mainly explained by €2.0m amortization for the rights relating to IPH5201 following the first patient dosed in the Phase 2 MATISSE clinical trial. The amortization of rights related to the monalizumab decreased by €0.3m.

◦General and administrative (G&A) expenses from continuing operations decreased by €3.0m to €9.1m in the first half of 2023 (€12.1m in the first half of 2022) mainly resulting from ((i) a €1.4m decrease of personnel expenses mainly due to a reduction of administrative workforce, (ii) a €0.6m decrease on non-scientific advisory and consulting fees (limited use of recruitment agencies and strategic consulting), and finally (iii) a decrease on other expenses for €1.0m mainly related to a decrease on leasing and maintenance for €0.5m to the benefit of research and development enabling a more consistent allocation of support expenses to the company's research laboratory as well as a reduction of 0.2 million following more limited use of external communication and investor relations service providers.

Innate Pharma |HY 2023 Financial results| 6

•Net income from discontinued operations related to Lumoxiti are nil compared to a net loss of €0.1 million for the first half of 2022 corresponding to residual costs associated with the transfer of activities to AstraZeneca. This transfer has now been completed.

•A net financial gain of €2.1m in the first half of 2023 (net financial loss of €2.1m in the first half of 2022), principally as a result of the increase in fair value of certain of our financial instruments and net foreign exchange gain over the period.

•A net income of €1.7m for the first half of 2023 (net income of €6.3m for the first half of 2022).

The table below summarizes the IFRS consolidated financial statements as of and for the six months ended June 30, 2023, including 2022 comparative information.

In thousands of euros, except for data per share	June 30, 2023	June 30, 2022
Revenue and other income	40,198	45,589
Research and development expenses	(31,453)	(24,956)
General and administrative expenses	(9,144)	(12,140)
Operating expenses	(40,597)	(37,096)
Operating income (loss)	(398)	8,494
Net financial income (loss)	2,116	(2,118)
Income tax expense	—	—
Net income (loss) from continuing operations	1,718	6,376
Net income (loss) from discontinued operations	—	(73)
Net income (loss)	1,718	6,303
Weighted average number of shares ( in thousands) :	80,320	79,754
- Basic income (loss) per share	0.02	0.08
- Diluted income (loss) per share	0.02	0.08
-Basic income (loss) per share from continuing operations	0.02	0.08
- Diluted income (loss) per share from continuing operations	0.02	0.08
-Basic income (loss) per share from discontinued operations	—	—
- Diluted income (loss) per share from discontinued operations	—	—

	June 30, 2023	December 31, 2022
Cash, cash equivalents and financial assets	124,679	136,604
Total assets	199,049	207,863
Total shareholders’ equity	57,863	54,151
Total financial debt	40,658	42,251

Innate Pharma |HY 2023 Financial results| 7

About Innate Pharma:

Innate Pharma S.A. is a global, clinical-stage biotechnology company developing immunotherapies for cancer patients. Its innovative approach aims to harness the innate immune system through therapeutic antibodies and its ANKET® (Antibody-based NK cell Engager Therapeutics) proprietary platform.

Innate’s portfolio includes lead proprietary program lacutamab, developed in advanced form of cutaneous T cell lymphomas and peripheral T cell lymphomas, monalizumab developed with AstraZeneca in non-small cell lung cancer, as well as ANKET® multi-specific NK cell engagers to address multiple tumor types.

Innate Pharma is a trusted partner to biopharmaceutical companies such as Sanofi and AstraZeneca, as well as leading research institutions, to accelerate innovation, research and development for the benefit of patients.

Headquartered in Marseille, France with a US office in Rockville, MD, Innate Pharma is listed on Euronext Paris and Nasdaq in the US.

Learn more about Innate Pharma at www.innate-pharma.com

Information about Innate Pharma shares:

ISIN code Ticker code LEI FR0010331421 Euronext: IPH Nasdaq: IPHA 9695002Y8420ZB8HJE29

Innate Pharma |HY 2023 Financial results| 8

Disclaimer on forward-looking information and risk factors:

This press release contains certain forward-looking statements, including those within the meaning of the Private Securities Litigation Reform Act of 1995. The use of certain words, including “believe,” “potential,” “expect” and “will” and similar expressions, is intended to identify forward-looking statements. Although the company believes its expectations are based on reasonable assumptions, these forward-looking statements are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks and uncertainties include, among other things, the uncertainties inherent in research and development, including related to safety, progression of and results from its ongoing and planned clinical trials and preclinical studies, review and approvals by regulatory authorities of its product candidates, the Company’s commercialization efforts, the Company’s continued ability to raise capital to fund its development. For an additional discussion of risks and uncertainties which could cause the company's actual results, financial condition, performance or achievements to differ from those contained in the forward-looking statements, please refer to the Risk Factors (“Facteurs de Risque") section of the Universal Registration Document filed with the French Financial Markets Authority (“AMF”), which is available on the AMF website http://www.amf-france.org or on Innate Pharma’s website, and public filings and reports filed with the U.S. Securities and Exchange Commission (“SEC”), including the Company’s Annual Report on Form 20-F for the year ended December 31, 2022, and subsequent filings and reports filed with the AMF or SEC, or otherwise made public, by the Company.

This press release and the information contained herein do not constitute an offer to sell or a solicitation of an offer to buy or subscribe to shares in Innate Pharma in any country.

For additional information, please contact:
Investors	Media Relations
Innate Pharma	NewCap
Henry Wheeler	Arthur Rouille
Tel.: +33 (0)4 84 90 32 88	Tel. : +33 (0)1 44 71 00 15
Henry.Wheeler@innate-pharma.fr	innate@newcap.eu

Innate Pharma |HY 2023 Financial results| 9

Summary of Interim Condensed Consolidated Financial Statements and Notes as of JUNE 30, 2023

Innate Pharma |HY 2023 Financial results| 10

Interim Condensed Consolidated Statements of Financial Position

(in thousand euros)

	June 30, 2023	December 31, 2022
Assets
Current assets
Cash and cash equivalents	71,414	84,225
Short-term investments	17,475	17,260
Trade receivables and others	55,566	38,346
Total current assets	144,455	139,831
Non-current assets
Intangible assets	903	1,556
Property and equipment	7,262	8,542
Non-current financial assets	35,790	35,119
Other non-current assets	86	149
Trade receivables and others - non-current	880	14,099
Deferred tax asset	9,674	8,568
Total non-current assets	54,594	68,033
Total assets	199,049	207,863
Liabilities
Current liabilities
Trade payables and others	18,991	20,911
Collaboration liabilities – current portion	6,538	10,223
Financial liabilities – current portion	5,335	2,102
Deferred revenue – current portion	5,050	6,560
Provisions - current portion	1,753	1,542
Total current liabilities	37,667	41,338
Non-current liabilities
Collaboration liabilities – non-current portion	49,520	52,988
Financial liabilities – non-current portion	35,323	40,149
Defined benefit obligations	2,532	2,550
Deferred revenue – non-current portion	5,974	7,921
Provisions - non-current portion	494	198
Deferred tax liabilities	9,674	8,568
Total non-current liabilities	103,518	112,374
Shareholders’ equity
Share capital	4,027	4,011
Share premium	381,371	379,637
Retained earnings	(330,315)	(272,213)
Other reserves	1,064	819
Net income (loss)	1,718	(58,103)
Total shareholders’ equity	57,863	54,151
Total liabilities and shareholders’ equity	199,049	207,863

Innate Pharma |HY 2023 Financial results| 11

Interim Condensed Consolidated Statements of Income (loss) (in thousand euros)

	June 30, 2023	June 30, 2022
Revenue from collaboration and licensing agreements	35,344	41,271
Government financing for research expenditures	4,854	4,319
Revenue and other income	40,198	45,589
Research and development expenses	(31,453)	(24,956)
General and administrative expenses	(9,144)	(12,140)
Operating expenses	(40,597)	(37,096)
Operating income (loss)	(398)	8,494
Financial income	3,083	4,048
Financial expenses	(966)	(6,166)
Net financial income (loss)	2,116	(2,118)
Net income (loss) before tax	1,718	6,376
Income tax expense	—	—
Net income (loss) from continuing operations	1,718	6,376
Net income (loss) from discontinued operations	—	(73)
Net income (loss)	1,718	6,303
Weighted average number of shares : (in thousands)	80,320	79,754
- Basic income (loss) per share	0.02	0.08
- Diluted income (loss) per share	0.02	0.08
-Basic income (loss) per share from continuing operations	0.02	0.08
- Diluted income (loss) per share from continuing operations	0.02	0.08
-Basic income (loss) per share from discontinued operations	—	—
- Diluted income (loss) per share from discontinued operations	—	—

Innate Pharma |HY 2023 Financial results| 12

Interim Condensed Consolidated Statements of Cash Flow

(in thousand euros)

	June 30, 2023	June 30, 2022
Net income (loss)	1,718	6,303
Depreciation and amortization, net	3,645	2,030
Employee benefits costs	83	192
Change in provision for charges	507	134
Share-based compensation expense	1,401	2,596
Change in valuation allowance on financial assets	(1,044)	2,255
Gains (losses) on financial assets	288	(1,333)
Change in valuation allowance on financial instruments	(130)	(100)
Gains on assets and other financial assets	—	(25)
Interest paid	—	194
Disposal of property and equipment (scrapping)	591	—
Other profit or loss items with no cash effect	6	(52)
Operating cash flow before change in working capital	7,065	12,194
Change in working capital	(18,530)	(10,976)
Net cash generated from / (used in) operating activities:	(11,465)	1,218
Acquisition of property and equipment, net	(309)	(420)
Disposal of other assets	66	—
Purchase of other assets	(3)	(1)
Interest received on financial assets	—	25
Net cash generated from / (used in) investing activities:	(246)	(395)
Proceeds from the exercise / subscription of equity instruments	348	192
Repayment of borrowings	(1,594)	(958)
Net interest paid	—	(194)
Net cash generated / (used in) from financing activities:	(1,246)	(960)
Effect of the exchange rate changes	145	(670)
Net increase / (decrease) in cash and cash equivalents:	(12,811)	(807)
Cash and cash equivalents at the beginning of the year:	84,225	103,756
Cash and cash equivalents at the end of the six-months period:	71,414	102,949

Innate Pharma |HY 2023 Financial results| 13

Revenue and other income

The following table summarizes operating revenue for the periods under review:

In thousands of euros	June 30, 2023	June 30, 2022
Revenue from collaboration and licensing agreements	35,344	41,271
Government funding for research expenditures	4,854	4,319
Revenue and other income	40,198	45,589

Revenue from collaboration and licensing agreements

Revenue from collaboration and licensing agreements decreased by €5.9 million, to €35.3 million for the six months ended June 30, 2023, as compared to revenues from collaboration and licensing agreements of €41.3 million for the six months ended June 30, 2022. These revenues mainly result from the partial or entire recognition of the proceeds received pursuant to the agreements with AstraZeneca, Sanofi and Takeda. They are recognized when the entity's performance obligation is met. Their accounting is made at a point in time or spread over time according to the percentage of completion of the work that the Company is committed to carry out under these agreements.

The evolution for the first half of 2023 is mainly due to:

•A €6.9 million decrease in revenue related to monalizumab, to €9.5 million for the six months ended June 30, 2023, as compared to €16.4 million for the six months ended June 30, 2022. This change mainly results from the transaction price increase of €13.4 million ($14.0 million) in the first half of 2022, triggered by the launch of the “PACIFIC-9” Phase 3 trial on April 28, 2022. As a reminder, this increase in the transaction price led to the recognition of an additional revenue of €12.5 million for the first half of 2022. However, this decrease is partially offset by an increase in monalizumab-related revenues for the first half of 2023, in line with the progress of Phase 1/2 trials over the period. As of June 30, 2023, the deferred revenue related to monalizumab is €4.7 million entirely classified as “Deferred revenue—Current portion” in connection with the maturity of Phase 1/2 trials.

•A €4.8 million decrease in revenue related to IPH5201 which are nil for the six months ended June 30, 2023 . The revenue for the first half of 2022 resulted from the entire recognition in revenue of the $5.0 million milestone payment received from AstraZeneca following the signature on June 1, 2022 of an amendment to the initial contract signed in October 2018. As a reminder, this amendment sets the terms of the collaboration following AstraZeneca’s decision to advance IPH5201 to a Phase 2 study. The Company conducts the study. Both parties share the external cost related to the study and incurred by the Company and AstraZeneca provides products necessary to conduct the clinical trial.

•As a reminder, during the first half of 2022, AstraZeneca informed the Company that it will not exercise its option to license the four preclinical programs covered in the "Future Programs Option Agreement". This option agreement was part of the 2018 multi-term agreement between AstraZeneca and the Company under which the Company received an upfront payment of $20.0 million (€17.4 million). Innate has regained full rights to further develop the four preclinical molecules. Consequently, the entire initial payment of $20.0 million, or €17.4 million was recognized as revenue as of June 30, 2022.

Innate Pharma |HY 2023 Financial results| 14

•The recognition of €18.7 million in revenue as of June 30, 2023, relating to the research collaboration and licensing agreement signed with Sanofi in 2022. On January 25, 2023, the Company announced the expiration of the waiting period under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act of 1976 and the effectiveness of the licensing agreement as of January 24, 2023. Consequently, the Company received an upfront payment of €25.0 million in March 2023, including €18.5 million for the exclusive license, €1.5 million for the research work and €5.0 million for the two additional targets options. The Company considers that the license to the B7-H3 technology is a right to use the intellectual property granted exclusively to Sanofi from the effective date of the agreement. As such, the €18.5 million upfront payment relating to the exclusive license has been fully recognized in revenue as of June 30, 2023. The Company will provide collaborative research services to Sanofi for a three years period from the effective date of the collaboration, i.e. January 24, 2023. Consequently, the corresponding upfront payment of €1.5 million will be recognized on a straight-line basis over the duration of the research work that the Company has agreed to carry out. As a result, a €0.2 million has been recognized in revenue as of June 30, 2023, and amounts not recognized in revenue are classified as deferred revenue—current portion for €0.4 million and deferred revenue—non-current portion for €0.9 million. Under the terms of this agreement, the Company has also granted two exclusive options, exercisable no later than three years after the effective date, for exclusive licenses to Innate's intellectual property for the research, development, manufacture and commercialization of NKCEs specifically targeting two preclinical molecules. The Company considers that the option to acquire an exclusive license provide a material right to Sanofi that it would not receive without entering into this agreement. The Company will recognize the related revenues either at the reporting date or three years after the effective date. Consequently, the €5.0 million initial payment relating to these options is recognized in deferred revenue—non-current portion as of June 30, 2023.

•The recognition of €4.6 million in revenue from licensing agreement signed with Takeda in 2023. On April 3, 2023, the Company announced that it has entered into an exclusive license agreement with Takeda under which Innate grants Takeda exclusive worldwide rights to research and develop antibody drug conjugates (ADC) using a panel of selected Innate antibodies against an undisclosed target, with a primary focus in Celiac disease. Takeda will be responsible for the future development, manufacture and commercialization of any potential products developed using the licensed antibodies. As such, the Company considers that the license granted is a right to use the intellectual property, which is granted fully and perpetually to Takeda. The agreement does not stipulate that Innate's activities will significantly affect the intellectual property granted during the life of the agreement. Consequently, the $5.0 million (or €4.6 million) initial payment, received by the Company in May 2023, was fully recognized in revenue as of June 30, 2023.

•A €1.0 million decrease in revenue from collaboration and research license agreement signed with Sanofi in 2016, to €2.0 million for the six months ended June 30, 2023, as compared to €3.0 million for the six months ended June 30, 2022. The Company announced that, in June 2023, the first patient was dosed in a Sanofi-sponsored Phase 1/2 clinical trial evaluating SAR'514/IPH6401 in relapsed or refractory Multiple Myeloma. As provided by the licensing agreement signed in 2016, Sanofi made a milestone payment of €2.0 million, fully recognized in revenue as of

Innate Pharma |HY 2023 Financial results| 15

June 30, 2023. This amount was received by the Company on July 21, 2023. As a reminder, the revenue recognized in the first half of 2022 resulted from Sanofi's decision to advance SAR'514/IPH6401 into investigational new drug (IND)-enabling studies. As such, Sanofi had selected a second multispecific antibody engaging NK cells as a drug candidate. This selection triggered a €3.0 million milestone payment from Sanofi to the Company, fully recognized in revenue as of June 30, 2022. This amount was received by the Company on September 9, 2022.

•A €0.6 million increase in revenue from invoicing of research and development costs. The change between the two periods is mainly explained by the increase in research and development costs incurred by the Company under these agreements during the first half of 2023 in line with the clinical trial progress.

Government funding for research expenditures

Government financing for research expenditures increased by €0.5 million, or 12.4%, to €4.9 million for the six months ended June 30, 2023 as compared to €4.3 million the six months ended June 30, 2022. This change is primarily a result of a increase in the research tax credit of €0.6 million, which is mainly due to (i) the increase in depreciation on IPH5201 rights following the full amortization of the additional payment of €2.0 million due to Orega Biotech following the dosing of the first patient in the Phase 2 MATISSE clinical trial, and (ii) the absence of grants recognized during the first half of 2023 as compared to the remaining Force financing of €0,7 million received in the first half of 2022 from BPI following the technical and commercial failure of the project based on the results of the Phase 2 "Force" trial evaluating avdoralimab in COVID-19. However, these decreases are partially offset by a decrease in public and private R&D subcontracting expenses eligible due to the maturity of clinical trials and the non-inclusion, as a precautionary measure, of subcontracting expenses with a supplier whose agreement is in the process of being renewed as of June 30, 2023. In addition, this decrease is also explained by the decrease in amortization of the monalizumab intangible asset due to the extension of the amortization period, as well as for certain tangible assets which had reached the end of their amortization period, and also by lower R&D personnel costs

The Company met again the SME status under European Union criteria since December 31, 2020. As such, it was eligible for the early repayment by the French treasury of the 2021 Research Tax Credit for an amount of €10.3 million in 2022 and also the 2022 Research Tax Credit for an amount of €9.2 million. These amounts was received by the Company on November 16,2022 and July 21, 2023, respectively.

Operating expenses

The table below presents our operating expenses from continuing operations for the six months periods ended June 30, 2023 and 2022:

In thousands of euros	June 30, 2023	June 30, 2022
Research and development expenses	(31,453)	(24,956)
General and administrative expenses	(9,144)	(12,140)
Operating expenses	(40,597)	(37,096)

Innate Pharma |HY 2023 Financial results| 16

Research and development expenses

Research and development (“R&D”) expenses from continuing operations increased by €6.5 million, or 26.0%, to €31.5 million for the six months ended June 30, 2023, as compared to €25.0 million for the six months ended June 30, 2022, representing a total of 77.5% and 67.3% of the total operating expenses, respectively. R&D expenses include direct R&D expenses (subcontracting costs and consumables), depreciation and amortization, and personnel expenses.

Direct R&D expenses increased by €4.9 million, or 39.4%, to €17.3 million for the six months ended June 30, 2023, as compared to €12.4 million for the six months ended June 30, 2022. This increase is mainly explained by €4.8 million non-clinical program in the Antibody Drug Conjugates – ADC field and a slight increase of clinical programs of €0.1 million. The increase of €0.9 million on IPH5201 is linked to startup costs of Phase 2 MATISSE clinical trial and is partly offset by the decrease expenses related to lacutamab program for €0.2 million as well as avdoralimab and monalizumab programs for respectively 0.2 million euros and 0.2 million euros. These decreases follow the decision taken by the Company at the end of the first half of 2020 to stop recruitment in trials evaluating avdoralimab in oncology and the maturity of Phase 1/2 clinical trials entering the scope of the collaboration with AstraZeneca regarding monalizumab.

Also, as of June 30, 2023, the collaboration liabilities relating to monalizumab and the agreements signed with AstraZeneca in April 2015, October 2018 and September 2020 amounted to €56.1 million, as compared to collaborations liabilities to €63.2 million as of December 31, 2022. This decrease of €7.2 million mainly results from (i) the net reimbursement of €6.4 million made in the first half 2023 to AstraZeneca relating to the co-financing of the monalizumab program, mainly including the Phase 3 INTERLINK-1 trial launched in October 2020 and (ii) the decrease in the collaboration commitment for the amount of €1.1 million in connection with the observed exchange rate fluctuations over the period for the euro-dollar parity.

Personnel and other expenses allocated to R&D increased by €1.6 million, or 12.9%, to €14.2 million for the six months ended June 30, 2023, as compared to an amount of €12.6 million for the six months ended June 30, 2022. This increase is mainly due to €2.0 million amortization for the rights relating to IPH5201 following the first patient dosed in the Phase 2 MATISSE clinical trial. The amortization of rights related to the monalizumab is decreasing by €0.3 million.

General and administrative expenses

General and administrative expenses from continuing activities decreased by €3.0 million, or 24.7%, to €9.1 million for the six months ended June 30, 2023, as compared to general and administrative expenses of €12.1 million for the six months ended June 30, 2022. General and administrative expenses represented a total of 22.5% and 32.7% of the total operating expenses for the six months ended June 30, 2023 and 2022, respectively.

Personnel expense includes the compensation paid to our employees, and decreased by €1.4 million, to €4.4 million for the six months ended June 30, 2023, as compared to €5.8 million for six months ended June 30, 2022. This decrease of €1.4 million is mainly due to a reduction of administrative workforce.

Non-scientific advisory and consulting expenses mostly consist of auditing, accounting, taxation and legal fees as well as consulting fees in relation to business strategy and operations and hiring services. Non-scientific advisory and consulting expenses

Innate Pharma |HY 2023 Financial results| 17

decreased by €0.6 million, or 25.9%, to €1.7 million for the six months ended June 30, 2023 as compared to €2.2 million for the six months ended June 30, 2022. This decrease is mainly due to the decrease in fees in connection with a limited use of recruitment agencies and strategic consulting in first half 2023 compared to first half 2022.

The fall in other expenses of €1.0 million mainly results from a decrease on leasing and maintenance for €0.5 million for the benefit of research and development enabling a more consistent allocation of support expenses to the company's research laboratory as well as a decrease of €0.2 million on external communication and investor relations service providers.

Financial income (loss), net

We recognized a net financial income of €2.1 million in the six months ended June 30, 2023 as compared to a net financial loss of €2.1 million in the six months ended June 30, 2022. This variance mainly results from the variance in fair value of our financial instruments (net gain of €1.0 million for the six months ended June 30, 2023 as compared to a net loss of €2.3 million for the six months ended June 30, 2022) and a net foreign exchange gain of €0.4 million for the first half of 2023 as compared to a net foreign exchange gain of €0.1 million for the first half of 2022.

Net loss from discontinued operations

As a reminder, a Termination and Transition Agreement was negotiated and executed, effective as of June 30, 2021 further to the Company's decision to return the rights of Lumoxiti back to AstraZeneca. Consecutively, activities related to Lumoxiti are presented as discontinued operations since October 1, 2021.

Thus, the net income from discontinued operations related to Lumoxiti are nil compared to a net loss of €0.1 million for the first half of 2022 corresponding to residual costs associated with the transfer of activities to AstraZeneca. This transfer has now been completed.

Balance sheet items

Cash, cash equivalents, short-term investments and non-current financial assets amounted to €124.7 million as of June 30, 2023, as compared to €136.6 million as of December 31, 2022. Net cash as of June 30, 2023 amounted to €83.6 million (€99.4 million as of December 31, 2022). Net cash is equal to cash, cash equivalents and short-term investments less current financial liabilities.

The Company also has bank borrowings of €39.6m, including €28.7m of State Guaranteed Loans (“Prêts Garantis par l’Etat”) as of June 30, 2023, and €1.1m of lease liabilities.

The other key balance sheet items as of June 30, 2023 are:

•Deferred revenue of €11.0 million (including €6.0 million booked as ‘Deferred revenue – non-current portion’) and collaboration liabilities of €56.1 million (including €49.5 million booked as ‘Collaboration liabilities - non-current portion’) relating to the remainder of the initial payment received from AstraZeneca not yet recognized as revenue or used as part of the co-financing of the monalizumab program with AstraZeneca;

Innate Pharma |HY 2023 Financial results| 18

•Receivables from the French government amounting to €43.9 million in relation to the research tax credit for 2019, 2020, 2022 and the six-month period ended June 30, 2023;

•Shareholders’ equity of €57.9 million, including the net income of the period of €1.7 million.

Cash-flow items

As of June 30, 2023, cash and cash equivalents amounted to €71.4 million, compared to €84.2 million as of December 31, 2022, corresponding in a decrease of €12.8 million.

The net cash flow used during the period under review mainly results from the following:

•Net cash flow used by operations of €11.5 million for the six months ended June 30, 2023 as compared to net cash flows generated by operations of €1.2 million for the six months ended June 30, 2022. The net cash flow used in operating activities includes (i) the €25.0 million upfront payment received from Sanofi in March 2023 following the effectiveness of the research collaboration and licensing agreement signed in December 2022 under which the Company granted Sanofi an exclusive license to Innate Pharma's B7-H3 ANKET® program and options on two additional targets, but also (ii) the €4.6 million ($5.0 million) upfront payment received from Takeda following the signing of an exclusive licensing agreement which the Company grants Takeda exclusive worldwide rights for the research and development of antibody drug conjugates (ADCs). As a reminder, net cash flow from operating activities for the first half of 2022 included the collection of €47.7 million, in June 2022, following the treatment of the first patient in the second Phase 3 clinical trial evaluating monalizumab, “PACIFIC-9”, partially offset by the €5.9 million payment to AstraZeneca on April 20, 2022 pursuant to the Lumoxiti termination and transition agreement. Restated for these transactions, net cash flow used in operating activities for the first half of 2023 increased by €0.5 million as compared to the first half of 2022. This change mainly results from the occurrence of exceptional cash flows in the first half of 2022, notably in connection with personnel costs and the BPI repayable advance. Net outflows in connection with the monalizumab and IPH5201 collaboration agreement were stable over the period. Net cash flow consumed by operating activities in connection with the Lumoxiti discontinued operation are nil for the first half of 2023, as compared to €5.5 million for the first half of 2022. The amount consumed for the first half of 2022 mainly relates to the payment of €5.9 million ($6.2 million) made to AstraZeneca in April 2022 in accordance with the Lumoxiti termination and transition agreement effective as of June 30, 2021.

•Net cash flow used in investing activities of €0.2 million, as compared to €0.4 million for the first half of 2022. The Company has not made any other investments in tangible, intangible or significant financial assets during the first half of 2023 and 2022. Net cash flows consumed by investing activities in connection with the Lumoxiti discontinued operation were nil for the first half of 2023 and 2022.

•Net cash flows used in financing activities for the six months ended June 30, 2023 were €1.2 million as compared to net cash flow used in financing activities of €1.0 million the six months ended June 30, 2022. These consumptions are mainly related

Innate Pharma |HY 2023 Financial results| 19

to repayments of financial liabilities.Net cash flows consumed by financing activities in connection with the Lumoxiti discontinued operation were nil for the first half of 2023 and 2022.

Post period events

None.

Nota

The interim consolidated financial statements for the six-month period ended June 30, 2023 have been subject to a limited review by our Statutory Auditors and were approved by the Executive Board of the Company on September 13, 2023. They were reviewed by the Supervisory Board of the Company on September 13, 2023. They will not be submitted for approval to the general meeting of shareholders.

Risk factors

Risk factors identified by the Company are presented in section 3 of the universal registration document (“Document d’Enregistrement Universel”) submitted to the French stock-market regulator, the “Autorité des Marchés Financiers”, on April 6, 2023 (AMF number D.23-0246). The main risks and uncertainties the Company may face in the six remaining months of the year are the same as the ones presented in the universal registration document available on the internet website of the Company.

Of note, the risks that are likely to arise during the remaining six months of the current financial year could also occur during subsequent years.

Related party transactions:

Transactions with related parties during the periods under review are disclosed in Note 19 to the interim condensed consolidated financial statements for the period ended June 30, 2023 prepared in accordance with IAS 34.

Innate Pharma |HY 2023 Financial results| 20

EX-99.2

INNATE PHARMA SA

HALF-YEAR FINANCIAL REPORT

JUNE 30, 2023

INNATE PHARMA S.A.

French société anonyme governed by an Executive Board and a Supervisory Board

with a share capital of 4,026,535.85 euros composed of

80,516,622 ordinary shares, and 14,095 preferred shares with a nominal value of 0.05 euros each

Registered office: 117, Avenue de Luminy, F-13009 Marseille, France

Registered with the Company and Trade Register of Marseille under number 424 365 336

The following interim condensed consolidated financial statements have been approved by the Executive Board of the Company on September 13, 2023, and have been subject to a limited review by our Statutory Auditors. They have been examined by the Supervisory Board of the Company on September 13, 2023.

SUMMARY

INNATE PHARMA AT A GLANCE.............................................................................................................	3
HALF-YEAR MANAGEMENT REVIEW......................................................................................................	4
A.Revenue and other income.....................................................................................................	5
B.Operating expenses.................................................................................................................	9
C.Net financial income (loss).....................................................................................................	11
D.Net income (loss) from discontinued operations ...................................................................	11
E.Balance sheet items.................................................................................................................	12
F.Cash-flow items.......................................................................................................................	13
G.Key events since January 1, 2023 ...........................................................................................	14
H.Nota.........................................................................................................................................	15
I.Main risks and uncertainties for the remaining six months of the fiscal year..........................................................................................................................................	15
J.Related party transactions......................................................................................................	15
INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2023...........................................................................................................................	16
A.Interim Condensed Consolidated Statements of Financial Position (amounts in thousands of euro)....................................................................................................................................	16
B.Interim Condensed Consolidated Statements of Income (Loss) (amounts in thousands of euro, except share and per share amounts)...........................................................................	17
C.Interim Condensed Consolidated Statements of Comprehensive Income (Loss) (amounts in thousands of euro)..............................................................................................................	18
D.Interim Condensed Consolidated Statements of Cash Flows (amounts in thousands of euro)........................................................................................................................................	19
E.Interim Consolidated Statements of Changes in Shareholders’ Equity (amounts in thousands of euro, except share data)....................................................................................	21
F.Interim Condensed Notes to the Consolidated Financial Statements..............................................................................................................................	22
STATUTORY AUDITORS’ REVIEW REPORT ON THE HALF-YEARLY FINANCIAL INFORMATION.......................................................................................................................................	46
DECLARATION BY THE PERSON RESPONSIBLE FOR THIS HALF-YEAR FINANCIAL REPORT..................................................................................................................................................	47

Innate Pharma |Half-year financial report June 30, 2023 | 2

INNATE PHARMA AT A GLANCE

Innate Pharma SA (the “Company” and, with its subsidiary, referred to as the “Group”), is a global, clinical-stage biotechnology company developing immunotherapies for cancer patients. Its innovative approach aims to harness the innate immune system through therapeutic antibodies and its ANKET® (Antibody-based NK cell Engager Therapeutics) proprietary platform. Innate’s portfolio includes lead proprietary program lacutamab, developed in advanced form of cutaneous T cell lymphomas and peripheral T cell lymphomas, monalizumab developed with AstraZeneca in non small cell lung cancer, as well as ANKET® multi-specific NK cell engagers to address multiple tumor types. The Company has developed, internally and through its business development strategy, a broad and diversified portfolio including six clinical drug candidates and a robust preclinical pipeline. Innate has entered into collaborations with leaders in the biopharmaceutical industry, such as AstraZeneca and Sanofi. Innate Pharma believes its drug candidates and clinical development approach are differentiated from current immuno-oncology therapies and have the potential to significantly improve the clinical outcome for patients with cancer.

Since its creation, the Company has suffered losses due to its research and development ("R&D") activities. The first half of 2023 generated a net income of 1,718 thousand euros. As of June 30, 2023, shareholders' equity amounted to 57,863 thousand euros. Subject to receiving new milestone payments related to its collaboration agreements, the Company expects to incur additional losses until, if necessary, it can generate significant revenues from its drug candidates in development.

The Company’s future operations are highly dependent on a combination of factors, including: (i) the success of its R&D; (ii) regulatory approval and market acceptance of the Company’s future drug candidates; (iii) the timely and successful completion of additional financing; and (iv) the development of competitive therapies by other biotechnology and pharmaceutical companies. As a result, the Company is and should continue, in the short to mid-term, to be financed through partnership agreements for the development and commercialization of its drug candidates and through the issuance of new equity instruments.

The activity of the Company is not subject to seasonal effects.

As of June 30, 2023, the Company had one wholly owned subsidiary: Innate Pharma, Inc., incorporated under the laws of Delaware in 2009.

Innate Pharma is based in Marseille, France and listed on Euronext in Paris and Nasdaq in US, and had 191 employees as of June 30, 2023.

Learn more about Innate Pharma at www.innate-pharma.com.

Innate Pharma |Half-year financial report June 30, 2023 | 3

HALF-YEAR MANAGEMENT REVIEW

The key elements of Innate Pharma’s financial results for the first half of 2023 are as follows:

•Cash, cash equivalents and financial assets (current and non-current) amounting to €124.7m (million euros) as of June 30, 2023 (€136.6m as of December 31, 2022). At the same date, the financial liabilities amounted to €40.7m, including €35.3m of non-current liabilities (€42.3m as of December 31, 2022, including €40.1m of non-current financial liabilities).

•Revenue and other income from continuing operations amounting to €40.2m (€45.6m for the first half of 2022). This amount mainly results from collaboration and licensing revenue (€35.3m) and from research tax credit (€4.9m). Revenue from collaboration and licensing agreements mainly result from the agreements with AstraZeneca/Medimmune, Sanofi/Genzyme and Takeda.

•Operating expenses from continuing operations amounting to €40.6m (€37.1m first half of 2022), of which 77.5% are related to research and development. Research and development expenses from continuing operations amount to €31.5m compared to €25.0m for the first half of 2022 and increase by €6.5m, mainly explained by (i) a €4.9m increase in direct R&D expenses relating to €4.8m non-clinical program in Antibody Drug Conjugates – ADC field and a slight increase of clinical programs of €0.1m; (ii) Personnel expenses and other R&D expenses are increasing by €1.6m (12.9%) to reach €14.2m first half 2023 compared to €12.6m first half 2022. This increase is mainly explained by €2.0m amortization for the rights relating to IPH5201 following the first patient dosed in the Phase 2 MATISSE clinical trial. The amortization of rights related to the monalizumab is decreasing by €0.3m. General and administrative expenses from continuing operations amounting to €9.1m (€12.1m for the first half of 2022), decreasing by €3.0m. This decrease results mainly from (i) €1.4m decrease of personnel expenses is mainly due to on the one hand, a reduction of administrative workforce, (ii) €0.6m decrease on non-scientific advisory and consulting fees (limited use of recruitment agencies and strategic consulting), and finally (iii) a decrease on other expenses for €1.0m mainly related to a decrease on leasing and maintenance for €0.5m to the benefit of research and development enabling a more consistent allocation of support expenses to the company's research laboratory as well as a reduction of 0.2 million following more limited use of external communication and investor relations service providers.

•A loss on the Lumoxiti discontinued operations nil (compared to a net loss of €0.1m for the first half of 2022).

•A net income for the first half of 2023 amounting to €1.7m (compared to net income of €6.3m for the first half of 2022).

Note on change of accounting standards during the period

Application of the following amended standards is mandatory for the first time for the financial period beginning on January 1, 2023 and, as such, they have been adopted by the Company:

•IFRS 17 - Insurance contracts;

•Amendments to IAS 1 : Presentation of Financial Statements;

•Amendments to IAS 8 : Accounting policies, Changes in accounting Estimates and Errors;

•Amendments to IAS 12 : Income taxes.

Those amended standards have no impact on the interim condensed consolidated financial statements.

Innate Pharma |Half-year financial report June 30, 2023 | 4

A.Revenue and other income

Revenue and other income from continuing operations resulted from collaboration and licensing agreements and government financing for research expenditure. They decreased by €5.4 million, to €40.2 million for the six months ended June 30, 2023, as compared to revenue and other income of €45.6 million for the six months ended June 30, 2022.

in thousands of euro	June 30, 2023	June 30, 2022
Revenue from collaboration and licensing agreements	35,344	41,271
Government funding for research expenditures	4,854	4,319
Revenue and other income	40,198	45,589

Revenue from collaboration and licensing agreements

Revenue from collaboration and licensing agreements decreased by €5.9 million, to €35.3 million for the six months ended June 30, 2023, as compared to revenue from collaboration and licensing agreements of €41.3 million for the six months ended June 30, 2022. As a reminder, these revenues mainly resulted from the spreading of proceeds received in connection with the agreements signed with AstraZeneca in April 2015 and October 2018 with Sanofi in 2016 and 2022 and with Takeda in 2023. These revenues are recognized when the entity's performance obligation is met. Their accounting is made at a point in time or spread over time according to the percentage of completion of the work that the Company is committed to carry out under these agreements. Revenue from collaboration and licensing agreements are set forth in the table below:

(in thousands of euro)	June 30, 2023	June 30, 2022
Proceeds from collaboration and licensing agreements	34,728	41,919
of which monalizumab agreement (AstraZeneca)	9,503	16,440
of which IPH5201 agreement (AstraZeneca)	—	4,826
of which preclinical molecules agreement (AstraZeneca)	—	17,400
of which 2016 Sanofi agreement	2,000	3,000
of which 2022 Sanofi agreement	18,672	—
of which Takeda agreement	4,553	—
of which other agreements	—	252
Invoicing of R&D costs (IPH5201 agreement)	616	(21)
Exchange gains on collaboration agreement	—	(627)
Revenue from collaboration and licensing agreements	35,344	41,271

Proceeds from collaboration and licensing agreements

Proceeds from collaboration and licensing agreements result from the partial or entire recognition of the proceeds received pursuant to the agreements with AstraZeneca, Sanofi and Takeda and which are recognized on the basis of the percentage of completion of the works performed by the Company under such agreements.

For monalizumab, these amounts result from the partial recognition of the $250.0 million non-refundable upfront payment and the $100 million milestone regarding the exercise of the option received in June 2015 and October 2018 from AstraZeneca. The additional payment of $50.0 million received from AstraZeneca in December 2020 triggered by the dosing of the first patient in the Phase 3 trial evaluating monalizumab was treated in full as a collaboration commitment ("collaboration liability" in the consolidated balance sheet) in view to the commitment

Innate Pharma |Half-year financial report June 30, 2023 | 5

linked to the agreement for the Phase 1/2 (co-financing) and Phase 3 studies (amendment signed in September 2020). Consequently, this additional payment has no impact on the transaction price.

In addition to these amounts, AstraZeneca made an additional payment of $50.0 million in June 2022, triggered by the treatment of the first patient in a second Phase 3 trial evaluating monalizumab in April 2022. This additional payment has been treated as a collaboration commitment ("collaboration liability" in the consolidated balance sheet) for an amount of $36.0 million in view to the contractual commitment linked to the Phase 1/2 studies (co-funding under the initial contract). The remaining $14.0 million was treated as a change in estimate of the transaction price, recognized in the income statement in line with the progress of the Phase 1/2 studies. This event in 2022 mainly explains the change of revenue recognized under monalizumab agreements in the first half of 2023 as compared to the first half of 2022 (additional revenue recognized).

The amounts not yet recognized in revenue are classified as deferred revenue.

Proceeds related to monalizumab - AstraZeneca:

Revenue related to monalizumab decreased by €6.9 million, to €9.5 million for the six months ended June 30, 2023, as compared to €16.4 million for the six months ended June 30, 2022. This change mainly results from the transaction price increase of €13.4 million ($14.0 million) in the first half of 2022, triggered by the launch of the “PACIFIC-9” Phase 3 trial on April 28, 2022. As a reminder, this increase in the transaction price led to the recognition of an additional revenue of €12.5 million for the first half of 2022. However, this decrease is offset by an increase in monalizumab-related revenues for the first half of 2023, in line with the progress of Phase 1/2 trials over the period.

As of June 30, 2023, the deferred revenue related to monalizumab is €4.7 million entirely classified as “Deferred revenue—Current portion” in connection with the maturity of Phase 1/2 trials.

Proceeds related to IPH5201 - AstraZeneca:

Revenue related to IPH5201 for the six months ended June 30, 2023 are nil as compared to a €4.8 million revenue for the first half of 2022 which resulted from the entire recognition in revenue of the $5.0 million milestone payment received from AstraZeneca following the signature on June 1, 2022 of an amendment to the initial contract signed in October 2018. As a reminder, this amendment set the terms of the collaboration following decision to advance IPH5201 to a Phase 2 study. The Company conducts the study. Both parties share the external cost related to the study and incurred by the Company and AstraZeneca provides products necessary to conduct the clinical trial.

Proceeds related to the 2018 option agreement relating to future programs - AstraZeneca:

As a reminder, during the first half of 2022, AstraZeneca informed the Company that it will not exercise its option to license the four preclinical programs covered in the "Future Programs Option Agreement". This option agreement was part of the 2018 multi-term agreement between AstraZeneca and the Company under which the Company received an upfront payment of $20.0 million (€17.4 million). Innate has regained full rights to further develop the four preclinical molecules. Consequently, the entire initial payment of $20.0 million, or €17.4 million was recognized as revenue as of June 30, 2022.

Proceeds related to Sanofi licensing and collaboration agreement (2016) :

Revenue related to the license and collaboration agreement signed with Sanofi in 2016 decreased by €1.0 million, to €2.0 million for the six months ended June 30, 2023, as compared to €3.0 million for the six months ended June 30, 2022. The Company announced that, in June 2023, the first patient was dosed in a Sanofi-sponsored Phase 1/2

Innate Pharma |Half-year financial report June 30, 2023 | 6

clinical trial evaluating IPH6401/SAR'514 in relapsed or refractory Multiple Myeloma. As provided by the licensing agreement signed in 2016, Sanofi made a milestone payment of €2.0 million, fully recognized in revenue as of June 30, 2023. This amount was received by the Company on July 21, 2023. As a reminder, the revenue recognized in the first half of 2022 resulted from Sanofi's decision to advance IPH6401/SAR'514 into investigational new drug (IND)-enabling studies. As such, Sanofi had selected a second multispecific antibody engaging NK cells as a drug candidate. This selection triggered a €3.0 million milestone payment from Sanofi to the Company, fully recognized in revenue as of June 30, 2022. This amount was received by the Company on September 9, 2022.

Proceeds related to Sanofi research collaboration and licensing agreement (2022) :

On December 19, 2022, the Company announced that it had entered into a research collaboration and license agreement with Genzyme Corporation, a wholly-owned subsidiary of Sanofi (“Sanofi”) pursuant to which the Company granted Sanofi an exclusive license on the Innate Pharma's B7-H3 ANKET® program and options on two additional targets. On January 25, 2023, the Company announced the expiration of the waiting period under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act of 1976 and the effectiveness of the licensing agreement as of January 24, 2023. Consequently, the Company received an upfront payment of €25.0 million in March 2023, including €18.5 million for the exclusive license, €1.5 million for the research work and €5.0 million for the two additional targets options.

The Company considers that the license to the B7-H3 technology is a right to use the intellectual property granted exclusively to Sanofi from the effective date of the agreement. As such, the €18.5 million upfront payment relating to the exclusive license has been fully recognized in revenue as of June 30, 2023.

The Company will provide collaborative research services to Sanofi for an initial estimated three years period from the effective date of the collaboration, i.e. January 24, 2023. During this period, Sanofi and Innate will collaborate and work on research activities as defined in the work program described in the agreement. Consequently, the corresponding upfront payment of €1.5 million will be recognized on a straight-line basis over the duration of the research work that the Company has agreed to carry out. As a result, a €0.2 million has been recognized in revenue as of June 30, 2023, and amounts not recognized in revenue are classified as deferred revenue—current portion for €0.4 million and deferred revenue—non-current portion for €0.9 million.

Under the terms of this agreement, the Company has also granted two exclusive options, exercisable no later than three years after the effective date, for exclusive licenses to Innate's intellectual property for the research, development, manufacture and commercialization of NKCEs specifically targeting two preclinical molecules. The Company considers that the option to acquire an exclusive license provide a material right to Sanofi that it would not receive without entering into this agreement. The Company will recognize the related revenues either at the reporting date or three years after the effective date. Consequently, the €5.0 million initial payment relating to these options is recognized in deferred revenue—non-current portion as of June 30, 2023.

Proceeds related to Takeda licensing agreement (2023) :

On April 3, 2023, the Company announced that it has entered into an exclusive license agreement with Takeda under which Innate grants Takeda exclusive worldwide rights to research and develop antibody drug conjugates (ADC) using a panel of selected Innate antibodies against an undisclosed target, with a primary focus in Celiac disease. Takeda will be responsible for the future development, manufacture and commercialization of any potential products developed using the licensed antibodies. As such, the Company considers that the license granted is a right to use the intellectual property, which is granted fully and perpetually to Takeda. The agreement does not stipulate that Innate's activities will significantly affect the intellectual property granted during the life of the agreement. Consequently, the $5.0 million (or €4.6 million) initial payment, received by the Company in May 2023, was fully recognized in revenue as of June 30, 2023.

Innate Pharma |Half-year financial report June 30, 2023 | 7

Invoicing of research and development costs - AstraZeneca:

Pursuant to our agreements with AstraZeneca, external research and development costs related to IPH5201 are equally shared between Innate Pharma and AstraZeneca, in accordance with the amendment signed in June 2022. These costs are invoiced back on a quarterly basis.

Revenue from invoicing of research and development costs for the six months ended June 30, 2023 increased by €0.6 million as compared to the six months ended June 30, 2022. The change between the two periods is mainly explained by the increase in research and development costs incurred by the Company under these agreements during the first half of 2023 in line with the clinical trial progress.

Government financing for research expenditures

The table below details government funding for research expenditures for the six months ended June 30, 2023 and 2022.

in thousands of euro	June 30, 2023	June 30, 2022
Research tax credits	4,854 (1)	4,270
Grants	0	49
Government financing for research expenditures	4,854	4,319

(1) As of June 30, 2023, the amount is mainly composed of (i) the research tax credit calculated and recognized for the 2022 financial year for an amount of €5,0 million from which is subtracted (ii) a provision amounting to €0.2 milion relating to the additionnal provision in connection with the tax inspection carried out in 2022 by the French tax authorities relating to the 2019 and 2020 financial years, as well as the research tax credit and the accuracy of its calculation for the 2018 to 2020 financial years.

Government financing for research expenditures increased by €0.5 million, or 12.4%, to €4.9 million for the six months ended June 30, 2023 as compared to €4.3 million the six months ended June 30, 2022. This change is primarily a result of a increase in the research tax credit of €0.6 million, which is mainly due to (i) the increase in depreciation on IPH5201 rights following the full amortization of the additional payment of €2.0 million due to Orega Biotech following the dosing of the first patient in the Phase 2 MATISSE clinical trial, and (ii) the absence of grants recognized during the first half of 2023 as compared to the remaining Force financing of €0,7 million received in the first half of 2022 from BPI following the technical and commercial failure of the project based on the results of the Phase 2 "Force" trial evaluating avdoralimab in COVID-19.

However, these decreases are partially offset by a decrease in public and private R&D subcontracting expenses eligible due to the maturity of clinical trials and the non-inclusion, as a precautionary measure, of subcontracting expenses with a supplier whose agreement is in the process of being renewed as of June 30, 2023. In addition, this decrease is also explained by the decrease in amortization of the monalizumab intangible asset due to the extension of the amortization period, as well as for certain tangible assets which had reached the end of their amortization period, and also by lower R&D personnel costs.

As a reminder, the research tax credit is calculated as 30% of the amount of research and development expenses, net of grants received, eligible for the research tax credit for the fiscal year.

Innate Pharma |Half-year financial report June 30, 2023 | 8

B.Operating expenses

The table below presents our operating expenses from continuing activities for the six months periods ended June 30, 2023 and 2022:

in thousands of euro	June 30, 2023	June 30, 2022
Research and development expenses	(31,453)	(24,956)
General and administrative expenses	(9,144)	(12,140)
Operating expenses	(40,597)	(37,096)

Research and development expenses (R&D)

R&D expenses from continuing activities in the periods presented primarily relate to activities for the Company’s clinical and preclinical programs. Our research and development expenses are broken down as set forth in the table below :

in thousands of euro	June 30, 2023	June 30, 2022
Monalizumab	(604)	(770)
Lacutamab	(6,719)	(6,900)
IPH5201	(1,236)	(363)
Other programs	(142)	(536)
Sub-total programs in clinical development	(8,701)	(8,569)
Sub-total programs in preclinical development	(8,565)	(3,819)
Total direct research and development expenses	(17,265)	(12,388)
Personnel expenses (including share-based payments)	(8,686)	(8,722)
Depreciation and amortization	(3,044)	(1,273)
Other expenses	(2,458)	(2,574)
Personnel and other expenses	(14,188)	(12,569)
Total research and development expenses	(31,453)	(24,956)

R&D expenses from continuing activities increased by €6.5 million, or 26.0%, to €31.5 million for the six months ended June 30, 2023, as compared to R&D of €25.0 million for the six months ended June 30, 2022.

R&D expenses represented a total of 77.5% and 67.3% of the total operating expenses for the six months ended June 30, 2023 and 2022, respectively. June 30, 2023, we had 149 employees in research and development functions, compared to 152 employees as of June 30, 2022.

Direct R&D expenses increased by €4.9 million, or 39.4%, to €17.3 million for the six months ended June 30, 2023, as compared to an amount of €12.4 million for the six months ended June 30, 2022. This increase is mainly explained by €4.8 million non-clinical program in Antibody Drug Conjugates – ADC field and a slight increase of clinical programs of €0.1million; The increase of €0.9 million on IPH5201 is linked to startup costs of phase 2 MATISSE clinical trial and is partly offset by the decrease expenses related to lacutamab program for €0.2 million as well as avdoralimab and monalizumab programs for respectively 0.2 million euros and 0.2 million euros. These decreases follow the decision taken by the Company at the end of the first half of 2020 to stop recruitment in trials

Innate Pharma |Half-year financial report June 30, 2023 | 9

evaluating avdoralimab in oncology and the maturity of phase I/II clinical trials entering the scope of the collaboration with AstraZeneca regarding monalizumab.

Also, as of June 30, 2023, the collaboration liabilities relating to monalizumab and the agreements signed with AstraZeneca in April 2015, October 2018 and September 2020 amounted to €56.1 million, as compared to collaborations liabilities to €63.2 million as of December 31, 2022. This decrease of €7.2 million mainly results from (i) the net reimbursement of €6.4 million made in the first half 2023 to AstraZeneca relating to the co-financing of the monalizumab program, mainly including the Phase 3 INTERLINK-1 trial launched in October 2020 and (ii) the decrease in the collaboration commitment for the amount of €1.1 million in connection with the observed exchange rate fluctuations over the period for the euro-dollar parity.

Personnel and other expenses allocated to R&D increased by €1.6 million, or 12.9%, to €14.2 million for the six months ended June 30, 2023, as compared to an amount of €12.6 million for the six months ended June 30, 2022. This increase is mainly due to €2.0 million amortization for the rights relating to IPH5201 following the first patient dosed in the Phase 2 MATISSE clinical trial. The amortization of rights related to the monalizumab is decreasing by €0.3 million.

General and administrative expenses:

General and administrative expenses from continuing activities decreased by €3.0 million, or 24.7%, to €9.1 million for the six months ended June 30, 2023, as compared to general and administrative expenses of €12.1 million for the six months ended June 30, 2022. General and administrative expenses represented a total of 22.5% and 32.7% of the total operating expenses for the six months ended June 30, 2023 and 2022, respectively. The table below presents our general and administrative expenses by nature for the six months ended June 30, 2023 and 2022:

in thousands of euro	June 30, 2023	June 30, 2022
Personnel expenses (including shared-based payments)	(4,367)	(5,769)
Non scientific advisory and consulting	(1,662)	(2,242)
Other expenses (1)	(3,116)	(4,129)
Total general and administrative expenses	(9,144)	(12,140)

(1) Other expenses are related to intellectual property, maintenance costs for laboratory equipment and our premises, depreciation and amortization and other selling, general and administrative expenses.

Personnel expense includes the compensation paid to our employees, and decreased by €1.4 million, to €4.4 million for the six months ended June 30, 2023, as compared to €5.8 million for six months ended June 30, 2022. This decrease of €1.4 million is mainly due to on the one hand, a reduction of administrative workforce.

Non-scientific advisory and consulting expenses mostly consist of auditing, accounting, taxation and legal fees as well as consulting fees in relation to business strategy and operations and hiring services. Non-scientific advisory and consulting expenses decreased by €0.6 million, or 25.9%, to €1.7 million for the six months ended June 30, 2023 as compared to €2.2 million for the six months ended June 30, 2022. This decrease is mainly due to the decrease in fees in connection with a limited use of recruitment agencies and strategic consulting in first half 2023 compared to first half 2022.

The fall in other expenses of €1.0m mainly results from a decrease on leasing and maintenance for €0.5 million for the benefit of research and development enabling a more consistent allocation of support expenses to the

Innate Pharma |Half-year financial report June 30, 2023 | 10

company's research laboratory as well as a decrease of €0.2 million on external communication and investor relations service providers.

C.Net financial income (loss)

We recognized a net financial income of €2.1 million in the six months ended June 30, 2023 as compared to a net financial loss of €2.1 million in the six months ended June 30, 2022. This variance mainly results from the variance in fair value of our financial instruments (net gain of €1.0 million for the six months ended June 30, 2023 as compared to a net loss of €2.3 million for the six months ended June 30, 2022) and a net foreign exchange gain of €0.4 million for the first half of 2023 as compared to a net foreign exchange gain of €0.1 million for the first half of 2022.

The table below presents the components of our net financial income (loss) for the six months ended June 30, 2023 and 2022:

(in thousands of euro)	June 30, 2023	June 30, 2022
Interests on financial assets	965	198
Change in valuation allowance on financial instruments	1,044	53
Foreign exchange gains	1,073	3,797
Other financial income	—	—
Financial income	3,083	4,048
Foreign exchange losses	(642)	(3,663)
Unrealized losses on financial assets	—	(2,309)
Interest on financial liabilities	(324)	(194)
Other financial expenses	—	—
Financial expenses	(966)	(6,166)
Net financial income (loss)	2,116	(2,118)

For the six months ended June 30, 2023 and 2022, the foreign exchange gains and losses mainly result from the variance of the exchange rate between the Euro and the U.S. dollar on U.S. dollar-denominated cash and cash equivalents and financial assets. Unrealized losses on financial assets relate to unquoted instruments.

D.Net income (loss) from discontinued operations

As a reminder, a Termination and Transition Agreement was negotiated and executed, effective as of June 30, 2021 further to the Company's decision to return the rights of Lumoxiti back to AstraZeneca. Consecutively, activities related to Lumoxiti are presented as discontinued operations since October 1, 2021.

Thus, the net income from discontinued operations related to Lumoxiti are nil compared to a net loss of €0.1 million for the first half of 2022 corresponding to residual costs associated with the transfer of activities to AstraZeneca. This transfer has now been completed.

Innate Pharma |Half-year financial report June 30, 2023 | 11

(in thousands of euro)	June 30, 2023	June 30, 2022
Revenue and other income
Revenue from collaboration and licensing agreements	—	—
Sales	—	42
Total revenue and other income	—	42
Operating expenses
Research and development expenses	—	(11)
Selling, general and administrative expenses	—	(104)
Total operating expenses	—	(115)
Net income (loss) from distribution agreements	—	—
Operating income (loss)	—	(73)
Financial income	—	—
Financial expenses	—	—
Net financial income (loss)	—	—
Net income (loss) before tax	—	(73)
Income tax expense	—	—
Net income (loss) from discontinued operations	—	(73)

E.Balance sheet items

Cash, cash equivalents, short-term investments and non-current financial assets amounted to €124.7m as of June 30, 2023, as compared to €136.6m as of December 31, 2022. Net cash as of June 30, 2023 amounted to €83.6m (€99.4m as of December 31, 2022). Net cash is equal to cash, cash equivalents and short-term investments less current financial liabilities.

Since its incorporation in 1999, the Company has been primarily financed by revenue from its collaboration, licensing agreements (€557.6m in total, or $633.2m), and by issuing new shares (€306.4m in total excluding share-based payments and the costs the costs associated with capital increases). The Company has also benefited from the research tax credit (CIR) and fundings received from BPI France (ex-Oseo) in repayable advances not bearing interest and PTZI loan. As of June 30, 2023, the Company is not liable for any reimbursement in respect of these reimbursable advances and PTZI loan. The Company also has bank borrowings of €39.6m, including €28.7m of State Guaranteed Loans (“Prêts Garantis par l’Etat”) as of June 30, 2023, and €1.1m of lease liabilities.

The Company benefited from the early repayment of the CIR (Research Tax Credit) until December 31, 2019 when it lost its SME status according to the criteria of the European Union (criteria not met as of December 31, 2018 and 2019). Thus, the CIR for the years 2019 and 2020 represent a claim on the French Treasury which will be reimbursed to the company in 2023 and 2024 respectively. For the 2021 and 2022 financial years, The Company met again the definition of an SME Company according to the criteria of the European Union and therefore benefits from the early reimbursement of the CIR in 2022 and 2023 for the 2021 and 2022 tax years, respectively. Since its creation, the Company has benefited from the CIR to the tune of €134.8m, of which €100.1m have been reimbursed at the date of this report.

The other key balance sheet items as of June 30, 2023 are as follows:

Innate Pharma |Half-year financial report June 30, 2023 | 12

•Deferred revenue of €11.0m (including €6.0m booked as ‘Deferred revenue – non-current portion’) and collaboration liabilities amounting to €56.1m (including €49.5m booked as ‘Collaboration liabilities - non-current portion’) relating to the remainder of the initial payment from AstraZeneca not yet recognized as revenue or used as part of the co-financing of the monalizumab program with AstraZeneca;

•Receivables from the French government amounting to €43.9m in relation to the research tax credit for 2019, 2020, 2022 and the six-month period ended June 30, 2023;

•Shareholders’ equity of €57.9m including the net income for the first half of 2023 of €1.7m.

F.Cash-flow items

As of June 30, 2023, cash and cash equivalents amounted to €71.4m, a decrease of €12.8m compared to December 31, 2022.

The following table sets forth cash flow data for the six months ended June 30, 2023 and 2022:

in thousands of euro	June 30, 2023	June 30, 2022
Cash flows from / (used in) operating activities	(11,465)	1,218
Cash flows from / (used in) investing activities	(246)	(395)
Cash flows from / (used in) financing activities	(1,246)	(960)
Effect of the exchange rate changes	145	(670)
Net increase / (decrease) in cash and cash equivalents:	(12,811)	(808)

Cash flows from / (used in) operating activities:

Net cash flow used in operating activities increased by €12.7 million to €11.5 million for the six months ended June 30, 2023 as compared to net cash flow from operating activities of €1.2 million for the six months ended June June 30, 2022. The net cash flow used in operating activities includes (i) the €25,0 million upfront payment received from Sanofi in March 2023 following the effectiveness of the research collaboration and licensing agreement signed in December 2022 under which the Company granted Sanofi an exclusive license to Innate Pharma's B7-H3 ANKET® program and options on two additional targets, but also (ii) the €4.6 million ($5.0 million) upfront payment received from Takeda following the signing of an exclusive licensing agreement which the Company grants Takeda exclusive worldwide rights for the research and development of antibody drug conjugates (ADCs).

As a reminder, net cash flow from operating activities for the first half of 2022 included the collection of €47.7 million, in June 2022, following the treatment of the first patient in the second Phase 3 clinical trial evaluating monalizumab, “PACIFIC-9”, partially offset by the €5.9 million payment to AstraZeneca on April 20, 2022 pursuant to the Lumoxiti termination and transition agreement.

Restated for these transactions, net cash flow used in operating activities for the first half of 2023 increased by €0.5 million as compared to the first half of 2022. This change mainly results from the occurrence of exceptional cash flows in the first half of 2022, notably in connection with personnel costs and the BPI repayable advance. Net outflows in connection with the monalizumab and IPH5201 collaboration agreement were stable over the period.

Net cash flow consumed by operating activities in connection with the Lumoxiti discontinued operation are nil for the first half of 2023, as compared to €5.5 million for the first half of 2022. The amount consumed for the first half of 2022 mainly relates to the payment of €5.9 million ($6.2 million) made to AstraZeneca in April 2022 in accordance with the Lumoxiti termination and transition agreement effective as of June 30, 2021.

Innate Pharma |Half-year financial report June 30, 2023 | 13

Cash flows from / (used in) investing activities:

Net cash flow used in investing activities for the six months ended June 30, 2023 were €0.2 million, as compared to net cash flow used in investing activities of €0.4 million for the six months ended June 30, 2022. The Company has not made any other significant investments in tangible, intangible or significant current and non-current financial assets during the first half of 2023 and 2022.

Net cash flows consumed by investing activities in connection with the Lumoxiti discontinued operation were nil for the first half of 2023 and 2022.

Cash flows from / (used in) financing activities:

Net cash flows used in financing activities for the six months ended June 30, 2023 were €1.2 million as compared to net cash flow used in financing activities of €1.0 million the six months ended June 30, 2022. These consumptions are mainly related to repayments of financial liabilities.

Net cash flows consumed by financing activities in connection with the Lumoxiti discontinued operation were nil for the first half of 2023 and 2022.

G.Key events since January 1, 2023

•On January 25, 2023, the Company announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act with respect to the expansion of its collaboration with Sanofi. As a reminder, On December 19, 2022, the Company announced that it had entered into a research collaboration and license agreement with Genzyme Corporation, a wholly-owned subsidiary of Sanofi (“Sanofi”) pursuant to which the Company granted Sanofi an exclusive license on the Innate Pharma's B7-H3 ANKET® program and options on two additional targets.Once selected, Sanofi will be responsible for all development, manufacturing and marketing. The closing of the transaction was subject to the authorization of the American authorities in accordance with the Hart Scott Rodino Act of 1976. This authorization was obtained on January 24, 2023, the date on which the collaboration was effective. Under the terms of the collaboration and research license agreement, the Company is eligible from the effective date of the agreement for an initial payment of €25,0 million. This amount was collected by the Company in March 2023.

•On April 3, 2023, the Company announced the signing of an exclusive license agreement with Takeda under which the Company grants Takeda exclusive worldwide rights to research and develop antibody drug conjugates (ADC) using a panel of selected Innate antibodies against an undisclosed target, with a primary focus in Celiac disease. Takeda will be responsible for the future development, manufacture and commercialization of any potential products developed using the licensed antibodies. Under the terms of the license agreement, the Company will receive a $5.0 million upfront payment and is eligible to receive up to $410.0 million in future development, regulatory and commercial milestones if all milestones are achieved during the term of the agreement, plus royalties on potential net sales of any commercial product resulting from the license. The $5.0 million upfront payment was received by the Company on May 15, 2023 for an amount of €4.6 million.

•On April 26, 2023, the Company announced that it has filed a prospectus supplement with the Securities and Exchange Commission (“SEC”) relating to a new At-The-Market (“ATM”) program. Pursuant to this program, the Company may offer and sell to eligible investors a total gross amount of up to $75 million of American Depositary Shares (“ADS”), each ADS representing one ordinary share of Innate, from time to time in sales

Innate Pharma |Half-year financial report June 30, 2023 | 14

deemed to be an “at the market offering” pursuant to the terms of a sales agreement with Jefferies LLC (“Jefferies”), acting as sales agent. The timing of any sales will depend on a variety of factors. The ATM program is presently intended to be effective unless terminated in accordance with the sales agreement or the maximum amount of the program has been reached. In connection with the establishment of a new ATM program, the Company has terminated the sales agreement, dated as of May 3, 2022, relating to its previous ATM program, effective as of April 19, 2023. The Company currently intends to use the net proceeds, if any, of sales of ADSs issued under the program to fund the research and development of its drug candidates and for working capital and general corporate purposes.

•On June 26, 2023, the Company announced the first patient was dosing in MATISSE Phase 2 trial conducted by the Company in collaboration with AstraZeneca and evaluating IPH5201 in early stage lung cancer. This event triggered an additionnal payment of €2.0 million due to Orega in line with the agreement signed in 2019. As a reminder, in 2022, the Company received a $5.0 million upfront payment from AstraZeneca following the decision to advance IPH5201 into a phase 2 trial.

•On July 11, 2023, the Company announced that the first patient was dosed, on June 7, 2023, in a Sanofi-sponsored Phase 1/2 clinical trial, evaluating IPH6401/SAR’514 in relapsed or refractory Multiple Myeloma. Under the terms of the license agreement signed in 2016, Sanofi made a milestone payment of €2.0 million fully recognized in revenue as of June 30, 2023. This amount was received by the Company on July 21, 2023.

H.Nota

The interim condensed consolidated financial statements for the six-month period ended June 30, 2023 were established in accordance with IAS 34 standard adopted by European Union and have been subject to a limited review by our Statutory Auditors and were approved by the Executive Board of the Company on September 13, 2023. They were reviewed by the Supervisory Board of the Company on September 13, 2023. They will not be submitted for approval to the general meeting of shareholders.

I.Main risks and uncertainties for the remaining six months of the fiscal year

Risk factors identified by the Company are presented in section 3 of the universal registration document (“Document d’Enregistrement Universel”) submitted to the French stock-market regulator, the “Autorité des Marchés Financiers”, on April 6, 2023 (AMF number D.23-0246). The main risks and uncertainties the Company may face in the six remaining months of the year are the same as the ones presented in the universal registration document available on the internet website of the Company.

Of note, the risks that are likely to arise during the remaining six months of the current financial year could also occur during subsequent years.

J.Related party transactions

Transactions with related parties during the periods under review are disclosed in Note 19 to the interim consolidated financial statements.

Innate Pharma |Half-year financial report June 30, 2023 | 15

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2023

A.Interim Condensed Consolidated Statements of Financial Position (amounts in thousands of euro)

	Note	June 30, 2023	December 31, 2022
Assets
Current assets
Cash and cash equivalents	4	71,414	84,225
Short-term investments	4	17,475	17,260
Trade receivables and others	5	55,566	38,346
Total current assets		144,455	139,831
Non-current assets
Intangible assets	6	903	1,556
Property and equipment	7	7,262	8,542
Non-current financial assets	4	35,790	35,119
Other non-current assets		86	149
Trade receivables and others - non-current	5	880	14,099
Deferred tax asset	16	9,674	8,568
Total non-current assets		54,594	68,033
Total assets		199,049	207,863
Liabilities
Current liabilities
Trade payables and others	8	18,991	20,911
Collaboration liabilities – current portion	13	6,538	10,223
Financial liabilities – current portion	9	5,335	2,102
Deferred revenue – current portion	13	5,050	6,560
Provisions - current portion	18	1,753	1,542
Total current liabilities		37,667	41,338
Non-current liabilities
Collaboration liabilities – non-current portion	13	49,520	52,988
Financial liabilities – non-current portion	9	35,323	40,149
Defined benefit obligations	10	2,532	2,550
Deferred revenue – non-current portion	13	5,974	7,921
Provisions - non-current portion	18	494	198
Deferred tax liabilities	16	9,674	8,568
Total non-current liabilities		103,518	112,374
Shareholders’ equity
Share capital	11	4,027	4,011
Share premium	11	381,371	379,637
Retained earnings		(330,315)	(272,213)
Other reserves		1,064	819
Net income (loss)		1,718	(58,103)
Total shareholders’ equity		57,863	54,151
Total liabilities and shareholders’ equity		199,049	207,863

Innate Pharma |Half-year financial report June 30, 2023 | 16

B.Interim Condensed Consolidated Statements of Income (Loss) (amounts in thousands of euro, except share and per share amounts)

	Note	June 30, 2023	June 30, 2022
Revenue from collaboration and licensing agreements	13	35,344	41,271
Government financing for research expenditures	13	4,854	4,319
Revenue and other income		40,198	45,589
Research and development expenses	14	(31,453)	(24,956)
General and administrative expenses	14	(9,144)	(12,140)
Operating expenses		(40,597)	(37,096)
Operating income (loss)		(398)	8,494
Financial income	15	3,083	4,048
Financial expenses	15	(966)	(6,166)
Net financial income (loss)		2,116	(2,118)
Net income (loss) before tax		1,718	6,376
Income tax expense	16	—	—
Net income (loss) from continuing operations		1,718	6,376
Net income (loss) from discontinued operations	17	—	(73)
Net income (loss)		1,718	6,303
Net income (loss) per share :
Weighted average number of shares :		80,319,897	79,753,657
(in € per share)
- Basic income (loss) per share	20	0.02	0.08
- Diluted income (loss) per share	20	0.02	0.08
-Basic income (loss) per share from continuing operations	20	0.02	0.08
- Diluted income (loss) per share from continuing operations	20	0.02	0.08
-Basic income (loss) per share from discontinued operations	20	—	—
- Diluted income (loss) per share from discontinued operations	20	—	—

Innate Pharma |Half-year financial report June 30, 2023 | 17

C.Interim Condensed Consolidated Statements of Comprehensive Income (Loss) (amounts in thousands of euro)

	June 30, 2023	June 30, 2022
Net income (loss) for the period:	1,718	6,303
Items which will not reclassified in the consolidated statement of income (loss)
Actuarial gains and (losses) related to defined benefit obligations	101	471
Elements which will be reclassified in the consolidated statement of income (loss)
Foreign currency translation gain (loss)	146	(670)
Other comprehensive income (loss)	247	(199)
Total comprehensive income (loss)	1,965	6,104

Innate Pharma |Half-year financial report June 30, 2023 | 18

D.Interim Condensed Consolidated Statements of Cash Flows (amounts in thousands of euro)

	Note	June 30, 2023	June 30, 2022
Net income (loss)		1,718	6,303
Depreciation and amortization, net	6, 7	3,645	2,030
Employee benefits costs	10	83	192
Change in provision for charges	18	507	134
Share-based compensation expense	14	1,401	2,596
Change in valuation allowance on financial assets	4	(1,044)	2,255
Gains (losses) on financial assets	4	288	(1,333)
Change in valuation allowance on financial instruments	4	(130)	(100)
Gains on assets and other financial assets	15	—	(25)
Interest paid	15	—	194
Disposal of property and equipment (scrapping)		591	—
Other profit or loss items with no cash effect		6	(52)
Operating cash flow before change in working capital		7,065	12,194
Change in working capital		(18,530)	(10,976)
Net cash generated from / (used in) operating activities:		(11,465)	1,218
Acquisition of property and equipment, net	7.8	(309)	(420)
Disposal of other assets		66	—
Purchase of other assets		(3)	(1)
Interest received on financial assets	15	—	25
Net cash generated from / (used in) investing activities:		(246)	(395)
Proceeds from the exercise / subscription of equity instruments	11	348	192
Repayment of borrowings	9	(1,594)	(958)
Net interest paid		—	(194)
Net cash generated / (used in) from financing activities:		(1,246)	(960)
Effect of the exchange rate changes		145	(670)
Net increase / (decrease) in cash and cash equivalents:		(12,811)	(807)
Cash and cash equivalents at the beginning of the year:	4	84,225	103,756
Cash and cash equivalents at the end of the six-months period:	4	71,414	102,949

Innate Pharma |Half-year financial report June 30, 2023 | 19

Change in working capital	Note	June 30, 2023	December 31, 2022	Variance
Trade receivables and others (excluding rebates related to capital expenditures)	5	56,446	52,445	(4,001)
Deferred revenue - current and non-current portion	13	(11,024)	(14,481)	(3,457)
Trade payables and others (excluding payables related to capital expenditures)	8	(16,991)	(20,911)	(3,920)
Collaboration liabilities - current and non-current portion	13	(56,058)	(63,211)	(7,153)
Total change in Working Capital		(27,627)	(46,158)	(18,530)

Change in working capital	Note	June 30, 2022	December 31, 2021	Variance
Trade receivables and others (excluding rebates related to capital expenditures)	5	61,531	48,241	(13,290)
Deferred revenue - current and non-current portion	13	(17,427)	(37,913)	(20,486)
Trade payables and others (excluding payables related to capital expenditures)	8	(18,667)	(28,573)	(9,905)
Collaboration liabilities - current and non-current portion	13	(73,121)	(40,415)	32,706
Total change in working capital		(47,684)	(58,660)	(10,976)

Innate Pharma |Half-year financial report June 30, 2023 | 20

E.Interim Consolidated Statement of Changes in Shareholders’ Equity (amounts in thousands of euro, except share data)

In thousands of euro, except for data share	Ordinary Shares	Preferred Shares	Share capital	Share premium	Retained earnings	Other reserves	Net income (loss)	Total attributable to equity holders of the Company
December 31, 2021	79,542,627	14,095	3,978	375,220	(219,404)	456	(52,809)	107,440
Net loss	—	—	—	—	—	—	6,303	6,303
Actuarial gains on defined benefit obligations	—	—	—	—	—	471	—	471
Foreign currency translation loss	—	—	—	—	(28)	(642)	—	(670)
Total comprehensive loss for the period	—	—	—	—	(28)	(171)	6,303	6,104
Allocation of prior period income (loss)	—	—	—	—	(52,809)	—	52,809	—
Exercise and subscription of equity instruments	211,030	—	11	181	—	—	—	191
Shared-based payment	—	—	—	2,596	—	—	—	2,596
June 30, 2022	79,753,657	14,095	3,988	377,998	(272,241)	284	6,303	116,333
December 31, 2022	80,212,069	14,095	4,011	379,637	(272,213)	819	(58,103)	54,151
Net income	—	—	—	—	—	—	1,718	1,718
Actuarial loss on defined benefit obligations	—	—	—	—	—	101	—	101
Foreign currency translation loss	—	—	—	—	—	146	—	146
Total comprehensive loss for the period	—	—	—	—	—	247	1,718	1,965
Allocation of prior period income (loss)	—	—	—	—	(58,103)	—	58,103	—
Exercise and subscription of equity instruments	304,553	—	15	333	—	—	—	348
Shared-based payment	—	—	—	1,400	—	—	—	1,400
June 30, 2023	80,516,622	14,095	4,027	381,371	(330,315)	1,064	1,718	57,863

Innate Pharma |Half-year financial report June 30, 2023 | 21

F.Interim Condensed Notes to the Consolidated Financial Statements

1.The Company and key events

1.1The company

Innate Pharma SA (the “Company” and, with its subsidiary, referred to as the “Group”), is a global, clinical-stage biotechnology company developing immunotherapies for cancer patients. Its innovative approach aims to harness the innate immune system through therapeutic antibodies and its ANKET® (Antibody-based NK cell Engager Therapeutics) proprietary platform. Innate’s portfolio includes lead proprietary program lacutamab, developed in advanced form of cutaneous T cell lymphomas and peripheral T cell lymphomas, monalizumab developed with AstraZeneca in non small cell lung cancer, as well as ANKET® multi-specific NK cell engagers to address multiple tumor types. The Company has developed, internally and through its business development strategy, a broad and diversified portfolio including six clinical drug candidates and a robust preclinical pipeline. Innate has entered into collaborations with leaders in the biopharmaceutical industry, such as AstraZeneca and Sanofi. Innate Pharma believes its drug candidates and clinical development approach are differentiated from current immuno-oncology therapies and have the potential to significantly improve the clinical outcome for patients with cancer.

Since its creation, the Company has suffered losses due to its research and development ("R&D") activities. The first half of 2023 generated a net income of 1,718 thousand euros. As of June 30, 2023, shareholders' equity amounted to 57,863 thousand euros. Subject to receiving new milestone payments related to its collaboration agreements, the Company expects to incur additional losses until, if necessary, it can generate significant revenues from its drug candidates in development.

The Company’s future operations are highly dependent on a combination of factors, including: (i) the success of its R&D; (ii) regulatory approval and market acceptance of the Company’s future drug candidates; (iii) the timely and successful completion of additional financing; and (iv) the development of competitive therapies by other biotechnology and pharmaceutical companies. As a result, the Company is and should continue, in the short to mid-term, to be financed through partnership agreements for the development and commercialization of its drug candidates and through the issuance of new equity instruments.

The activity of the Company is not subject to seasonal effects.

As of June 30, 2023, the Company had one wholly owned subsidiary: Innate Pharma, Inc., incorporated under the laws of Delaware in 2009.

Innate Pharma is based in Marseille, France and listed on Euronext Paris and Nasdaq in the U.S., and had 191 employees as of June 30, 2023.

1.2Key events for the six-month period ended June 30, 2023

•On January 25, 2023, the Company announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act with respect to the expansion of its collaboration with Sanofi. As a reminder, On December 19, 2022, the Company announced that it had entered into a research collaboration and license agreement with Genzyme Corporation, a wholly-owned subsidiary of Sanofi (“Sanofi”) pursuant to which the Company granted Sanofi an exclusive license on the Innate Pharma's B7-H3 ANKET® program and options on two additional targets.Once selected, Sanofi will be responsible for all development, manufacturing and marketing. The closing of the transaction was subject to the authorization of the American authorities in accordance with the Hart Scott Rodino Act of 1976. This authorization was obtained on January 24, 2023, the date on which the collaboration was effective. Under the terms of the collaboration and research license

Innate Pharma |Half-year financial report June 30, 2023 | 22

agreement, the Company is eligible from the effective date of the agreement for an initial payment of €25.0 million. This amount was collected by the Company in March 2023.

•On April 3, 2023, the Company announced the signing of an exclusive license agreement with Takeda under which the Company grants Takeda exclusive worldwide rights to research and develop antibody drug conjugates (ADC) using a panel of selected Innate antibodies against an undisclosed target, with a primary focus in Celiac disease. Takeda will be responsible for the future development, manufacture and commercialization of any potential products developed using the licensed antibodies. Under the terms of the license agreement, the Company will receive a $5.0 million upfront payment and is eligible to receive up to $410.0 million in future development, regulatory and commercial milestones if all milestones are achieved during the term of the agreement, plus royalties on potential net sales of any commercial product resulting from the license. The $5.0 million upfront payment was received by the Company on May 15, 2023 for an amount of €4.6 million.

•On April 26, 2023, the Company announced that it has filed a prospectus supplement with the Securities and Exchange Commission (“SEC”) relating to a new At-The-Market (“ATM”) program. Pursuant to this program, the Company may offer and sell to eligible investors a total gross amount of up to $75 million of American Depositary Shares (“ADS”), each ADS representing one ordinary share of Innate, from time to time in sales deemed to be an “at the market offering” pursuant to the terms of a sales agreement with Jefferies LLC (“Jefferies”), acting as sales agent. The timing of any sales will depend on a variety of factors. The ATM program is presently intended to be effective unless terminated in accordance with the sales agreement or the maximum amount of the program has been reached. In connection with the establishment of a new ATM program, the Company has terminated the sales agreement, dated as of May 3, 2022, relating to its previous ATM program, effective as of April 19, 2023. The Company currently intends to use the net proceeds, if any, of sales of ADSs issued under the program to fund the research and development of its drug candidates and for working capital and general corporate purposes.

•On June 26, 2023, the Company announced the first patient was dosing in MATISSE Phase 2 trial conducted by the Company in collaboration with AstraZeneca and evaluating IPH5201 in early stage lung cancer. This event triggered an additionnal payment of €2.0 million due to Orega in line with the agreement signed in 2019. As a reminder, in 2022, the Company received a $5.0 million upfront payment from AstraZeneca following the decision to advance IPH5201 into a phase 2 trial.

•On July 11, 2023, the Company announced that the first patient was dosed, on June 7, 2023, in a Sanofi-sponsored Phase 1/2 clinical trial, evaluating IPH6401/SAR’514 in relapsed or refractory Multiple Myeloma. Under the terms of the license agreement signed in 2016, Sanofi made a milestone payment of €2.0 million fully recognized in revenue as of June 30, 2023. This amount was received by the Company on July 21, 2023.

2.Basis of presentation and statement of compliance

2.1Basis of preparation

The interim condensed consolidated financial statements as of June 30, 2023 and for the six months ended June 30, 2023 and 2022 and the related notes (together, the “interim condensed consolidated financial statements”) have been prepared under the responsibility of the management of the Company in accordance with the

Innate Pharma |Half-year financial report June 30, 2023 | 23

underlying assumptions of going concern as the Company’s loss-making situation is explained by the innovative nature of the products developed, therefore involving a multi-year research and development phase.

The interim condensed consolidated financial statements were closed by the Executive Board, approved and authorized by the Supervisory Board upon recommendation of the Audit Committee on September 13, 2023.

They have been prepared in accordance with IAS 34, ‘Interim Financial Reporting’ as issued by the International Accounting Standard Board (“IASB”). Due to the listing of ordinary shares of the Company on Euronext Paris and in accordance with the European Union’s regulation No. 1606/2002 of July 19, 2002, the interim condensed consolidated financial statements are also prepared in accordance with IFRS, as adopted by the European Union (EU).For the presented periods, the differences between IFRS as issued by IASB and IFRS adopted by EU had no impact on the interim condensed consolidated financial statements.

The general accounting conventions were applied in accordance with the underlying assumptions, namely (i) going concern, (ii) permanence of accounting methods from one year to the next and (iii) independence of financial years, and in conformity with the general rules for the preparation and presentation of consolidated financial statements in accordance with International Financial Reporting Standards (“IFRS”). The interim condensed consolidated financial statements do not include all disclosures required for annual financial statements and should therefore be read in conjunction with the consolidated financial statements as of and for the year ended December 31, 2022.

The results of the operations for the six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023 or for any other interim period or for any year in the future.

Except for number of shares and per share amounts, all amounts are expressed in thousands of euros, unless stated otherwise. Some amounts may be rounded for the calculation of financial information contained in the interim condensed consolidated financial statements. Accordingly, the totals in some tables may not be the exact sum of the preceding figures.

2.2Use of judgments and estimates

The preparation of financial statements in accordance with IFRS requires the Company to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period.

These estimates can be revised where the circumstances on which they are based change. The actual results may therefore differ from the estimates initially formulated. The estimates and judgments which are mainly used by the Company are detailed in note 18.1.1 in paragraph 2.w) of the appendix to the consolidated financial statements as of December 31, 2022 of the Universal Registration Document published on April 6, 2023. Estimates and judgments which impact the condensed consolidated financial statements as of June 30, 2023 are:

•accounting for collaboration and licensing agreements (note 6 and 13);

•estimate of the useful life of the acquired licenses (note 6).

Innate Pharma |Half-year financial report June 30, 2023 | 24

2.3Recently issued accounting standards and interpretations

Application of the following amended standards is mandatory for the first time for the financial period beginning on January 1, 2023 and, as such, they have been adopted by the Company:

•IFRS 17 - Insurance contracts;

•Amendements to IAS 1 : Presentation of Financial Statements;

•Amendements to IAS 8 : Accounting policies, Changes in accounting Estimates and Errors;

•Amendements to IAS 12 : Income taxes.

Those amended standards have no impact on the interim condensed consolidated financial statements.

2.4Translation of transactions denominated in foreign currency

Foreign currency transactions are translated into the presentation currency using the following exchange rates:

	June 30, 2022		December 31, 2022		June 30, 2023
€1 equals to	Average rate	Closing rate	Average rate	Closing rate	Average rate	Closing rate
USD	1.0933	1.0387	1.0530	1.0666	1.0806	1.0866

3.Management of financial risks

The Company did not identify other risks than the ones presented in the consolidated financial statements for the year ended December 31, 2022.

4.Cash, cash equivalents, short-term investments and non-current financial assets

(in thousands of euro)	June 30, 2023	December 31, 2022
Cash and cash equivalents	71,414	84,225
Short-term investments	17,475	17,260
Cash, cash equivalents and short-term investments	88,889	101,485
Non-current financial assets	35,790	35,119
Cash, cash equivalents and financial assets	124,679	136,604

Cash and cash equivalents are mainly composed of current bank accounts, interest-bearing accounts and fixed-term accounts.

As of June 30, 2023, the Company also holds six units in “SICAVs” and shares in mutual funds. The risk profiles of these funds are rated from 1 to 7 by the financial institution that manages and markets these funds (1 being the lowest risk profile).When the maturity of shares in mutual funds is longer than one year, they are classified as non-current financial instruments.

Non-current financial assets generally include a guarantee of capital at the maturity date (which is always longer than one year). These instruments are defined by the Company as financial assets at fair value through profit or loss and classified as non-current due to their maturity.

As of June 30, 2023 and December 31, 2022, the amount of cash, cash equivalents and financials assets denominated in US dollars amounted to €29,488 thousand and €34,735 thousand, respectively.

Innate Pharma |Half-year financial report June 30, 2023 | 25

Changes in short-term investments and non-current financial assets for the six months ended June 30, 2022 and 2023 are the following:

(in thousands of euro)	December 31, 2022	Additions (1)	Deductions (2)	Variance of fair value through the consolidated statement of income (loss)	Variation of accrued interests	Foreign currency effect	June 30, 2023
Short-term investments	17,260	—	—	271	232	(288)	17,475
Non-current financial assets	35,119	—	—	772	(102)	—	35,790
Total	52,379	—	—	1,043	130	(288)	53,265

(in thousands of euro)	December 31, 2021	Additions	Deductions	Variance of fair value through the consolidated statement of income (loss)	Variation of accrued interests	Foreign currency effect	June 30, 2022
Short-term investments	16,080	2,935	—	53	—	1,333	20,401
Non-current financial assets	39,878	—	(2,935)	(2,308)	172	—	34,808
Total	55,958	2,935	(2,935)	(2,255)	172	1,333	55,209

(1) The additions correspond to both acquisitions and reclassifications of financial assets according to their maturity at the closing date.

(2) The deductions correspond to both disposals and reclassifications of financial assets according to their maturity at the closing date.

For the six months ended June 30, 2023 , variance of fair value through the consolidated statement of income (loss) is made of €772 thousand of unrealized gains on non-current financial assets and €271 thousand of unrealized gains on short-term investments. For the six months ended June 30, 2022, variance of fair value through the consolidated statement of income (loss) was made of €2,308 thousand of unrealized losses on non-current financial assets and €53 thousand of unrealized gains on short-term investments (see note 16).

Innate Pharma |Half-year financial report June 30, 2023 | 26

5.Trade receivables and others

(in thousands of euro)	June 30, 2023	December 31, 2022
Other receivables	109	61
Research tax credit(1)	43,936	25,904
Other tax credits	395	361
Prepaid expenses (2)	3,328	4,672
VAT refund	1,717	1,614
Trade account receivables (3)	2,934	3,080
Prepayments made to suppliers	3,146	2,652
Receivables and others	55,566	38,345
Research tax credit(1)	—	13,018
Prepaid expenses (2)	880	1,081
Receivables and others - non-current	880	14,099
Trade receivables and others	56,446	52,445

(1) The Research tax credit is recognized as other operating income in the year to which the eligible research expenditure relates. The amount of €43,936 thousand recognized in current receivables corresponds to the CIR for the 2019, 2020 and 2022 tax year as well as the first half of 2023. Following the fact that the Company no longer met the eligibility criteria for the SME status as of December 31, 2019, the CIR for the 2019 and 2020 tax years represented a non-current receivable which will in principle be offset against the French corporate income tax due by the Company with respect to the three following years, or refunded if necessary upon expiry of such a period. Since December 31, 2020, the Company met again the eligibility criteria for the SME status. As such, it was eligible for the early repayment by the French treasury of the 2021 Research Tax Credit for an amount of €10,302 thousand in 2022 and also the 2022 Research Tax Credit for an amount of €9,167 thousand. These amounts was received by the Company on November 16,2022 and July 21, 2023, respectively. The Company is also eligible for a CIR refund in 2023 in respect to the 2019 tax year for an amount of €16,737 thousand, given the expiry of the three-year period. This amount had not yet been received by the Company as of June 30, 2023. In addition, the Company has also classified as a current receivable the CIR in respect of the 2020 tax year for an amount of €13,018 thousand , which is due to expire on December 31, 2023, and the CIR of the first half of 2023 for an amount of €5,014 thousand which is eligible for an early repayment.

(2) As of June 30,2023, the prepaid expenses includes include an amount of €1,131 thousand relating to the guarantee fees in line with the two State Guaranteed Loans from Société Générale and BNP Paribas. Following the extension of these two loans repayment for an additional period, the full amount of the guarantee fee over the additional five-year period has been recognized as an operating expense in 2022. As of June 30, 2023, an adjustment is made through the prepaid accounts to reflect the fact that the expenses are related to the fiscal year (see note 9).

(3) As of June 30,2023, the amount is mainly comprises of the receivable from Sanofi for an amount of €2,400 thousand pursuant to the collaboration and licensing agreement signed in 2016 and the following the first patient dosing in a Phase 1/2 clinical trial evaluating IPH6401/SAR'514 in June 2023. This amount was received by the Company on July 21, 2023.

The net book value of the receivables is considered to be a reasonable approximation of their estimated fair value. No valuation allowance was recognized on trade receivables and others as the credit risk of each debtor was considered as not significant.

Innate Pharma |Half-year financial report June 30, 2023 | 27

6.Intangible assets

(in thousands of euro)	Purchased licenses	Other intangible assets	In progress	Total
January 1, 2022	3,161	29	41,000 (1)	44,192
Acquisitions	—	—	—	—
Additional considerations	—	—	—	—
Disposals	—	—	—	—
Amortizations	(940) (3)	—	—	(940)
Transfers	—	—	—	—
June 30, 2022	2,221	29	41,000	43,260
January 1, 2023	1,556	—	—	1,556
Acquisitions	—	—	—	—
Additional considerations	2,000 (2)	—	—	2,000
Disposals	—	—	—	—
Amortizations	(2,651) (3)	—	—	(2,651)
Transfers	—	—	—	—
June 30, 2023	903	—	—	903

(1) Following the Company's decision in December 2022 to stop the development of avdoralimab in bullous pemphigoid ("BP") indication in inflammation, only indication supporting the recoverable amount of the asset as of December 31, 2021 (as well that as of June 30, 2022), the rights relating to the intangible asset have been fully impaired for their net book value on the date of the decision, i.e. €41,000 thousand (see below "Avdoralimab (IPH5401) (anti-C5aR) rights acquired from Novo Nordisk A/S').

(2) This amount corresponds to the additional invoice received from Orega Biotech for the rights relating to IPH5201 following the first patient dosed in the Phase 2 MATISSE clinical trial in June 2023, in accordance to the agreement signed in 2019. This additional invoice is fully amortized as of June 30, 2023 and paid on July 2023.

(3) As of June 30, 2022, this amount included the amortization of rights related to the monalizumab for an amount of €903 thousand. As of June 30, 2023, this amount includes the amortization of the additional payment made to Orega Biotech in 2023 for and amount of €2,000 thousand and the amortization of rights related to the monalizumab for an amount of €651 thousand.

Monalizumab rights under the 2014 monalizumab (NKG2A) Novo Nordisk agreement

Since their acquisition, monalizumab rights are amortized on a straight-line basis over the anticipated residual duration of the Phase II trials. The Company has reassessed the anticipated residual duration of the Phase 2 trials as of June 30, 2023 and estimated that it would be fully amortized by 2023, which is the same estimation as of December 31, 2022, as a result of the completion of some trials and by modifying the estimated end dates relating to certain cohorts.

The net book values of the monalizumab rights were €900 thousand and €1,551 thousand as of June 30, 2023 and December 31, 2022, respectively.

IPH5201 (Anti-CD39) rights acquired from Orega Biotech

On January 4, 2016, the Company and Orega Biotech entered into an exclusive licensing agreement by which Orega Biotech granted the Company full worldwide rights to its program of first-in-class anti-CD39 checkpoint inhibitors.

Innate Pharma |Half-year financial report June 30, 2023 | 28

The undisclosed upfront payment paid by the Company to Orega Biotech has been recognized as an intangible asset in the consolidated financial statements for the year ended December 31, 2016. Criteria relating to the first development milestone were reached in December 2016. Consequently, the amount of this milestone was recognized as an intangible asset in addition to the initial payment, for a total of €1.8 million as of December 31, 2021. In June 2019, the Company also paid Orega Biotech €7.0 million in relation to the anti-CD39 program as consideration following the collaboration and option agreement signed on October 22, 2018 with AstraZeneca regarding IPH5201. Under this agreement, the Company also paid in April and June 2020, respectively €2.5 and €0.2 million to Orega Biotech following the first Phase 1 dosing relating to IPH5201.

This asset was amortized on a straight-line basis since November 1, 2018 (corresponding to the effective beginning date of the collaboration) until the date the Company expected to fulfill its commitment (end of fiscal year 2020). These collaboration commitments have all been fulfilled. Thus, the rights relating to IPH5201 have been fully amortized since December 31, 2020.

As a reminder, Orega Biotech claimed joint ownership of certain patents relating to IPH5201. The Company and Orega Biotech have resolved these claims in an arbitration proceeding, which decision was rendered in December 2021. As a result of this decision, the Company is required to pay a low-teen percentage of sub-licensing revenues received by the Company pursuant to its agreement with AstraZeneca regarding IPH5201. Following this arbitration decision, the Company paid in January 2022 an additional amount of €0.4 million to Orega. This additional payment was fully amortized as of December 31, 2021. The Company announced on June 3, 2022 the progress of IPH5201 towards a study of Phase 2 in lung cancer, of which the Company will be a sponsor. In accordance with the amendment signed on June 1, 2022, the Company was eligible for a milestone payment of $5 million by AstraZeneca, received in August 2022 by the Company. In October 2022, the Company therefore paid an additional €0.6 million to Orega Biotech.

On June 26, 2023, the Company announced the treatment of the first patient in the Phase 2 MATISSE trial, conducted in collaboration with AstraZeneca and evaluating IPH5201 in early-stage lung cancer. As a consequence, the Company made an additional payment of €2.0 million to Orega Biotech in July 2023, in accordance with the agreement signed in 2019.

Avdoralimab (IPH5401) (anti-C5aR) rights acquired from Novo Nordisk A/S

At the agreement inception, an upfront payment of €40 million for acquired rights were recorded as intangible asset. As part of this agreement, an additional amount of €1.0 million was paid in October 2020 to Novo Nordisk A / S following the launch of the first avdoralimab Phase II trial. As avdoralimab is still in clinical trial, the acquired rights are classified as intangible asset in progress. They were subject to annual impairment test. No impairment were recorded since inception. These acquired rights will be amortized when the Company obtains economic benefits.

According to the agreement, the Company will pay additional payments according to the reach of specific steps. As of June 30, 2023, according to the uncertainty of these potential future payments, no liability was recognized.

Development costs incurred by the Company are recognized as research and development expenses.

As a reminder, during 2022 fourth quarter, the Company was informed by the sponsor of the Phase 2 clinical trial evaluating avdoralimab in inflammation in bullous pemphigoid ("BP") indication of its decision to discontinue said trial. Consequently, the Company decided in December 2022 to stop the development of avdoralimab in bullous pemphigoid ("BP") indication in inflammation, only indication supporting the recoverable amount of the asset as of December 31, 2021 (as well that as of June 30, 2022).

Innate Pharma |Half-year financial report June 30, 2023 | 29

Following that decision, the Company applied IAS 36 "Impairment of assets" and assessed that there was an indication of impairment sufficiently significant to result in the full impairment of the intangible asset. This depreciation was recognized with regard to the estimate of the recoverable value of avdoralimab's intangible assets, based on expected future cash flows, as of December 2022, date of the decision. Thus, on decision date to stop the development of avdoralimab in bullous pemphigoid ("BP") indication in inflammation, avdoralimab rights were fully written down to their net book value, i.e €41,000 thousand.

7.Property and equipment

(in thousands of euro)	Lands and buildings	Laboratory equipment and other	In progress	Total	Of which finannce leases
January 1, 2022	4,981	5,187	6	10,174	5,342
Acquisitions	14	458	—	472	—
Disposals	—	—	—	—	—
Depreciation	(379)	(711)	—	(1,090)	(534)
Transfers	—	—	—	—	—
June 30, 2022	4,616	4,934	6	9,556	4,808
(in thousands of euro)	Lands and buildings	Laboratory equipment and other	In progress	Total	Of which right of use assets(3)
January 1, 2023	4,242	4,298	—	8,542	6,423
Acquisitions	31	279	—	310	79
Disposals (1)	(513)	(78)	—	(591)	(513)
Depreciation	(323)	(670)	—	(993)	(428)
Transfers	—	—	—	—	—
June 30, 2023	3,437	3,829	—	7,262	5,561

(1) On March 13, 2023, the Company signed an amendment to the lease for the "Le Virage" building, reducing the surface area of the leased premises. The effective date of the lease amendment is March 15, 2023. As a result, and in accordance with IFRS 16, the impact on the consolidated balance sheet at the effective date of the lease amendment is as follows: write-off of a right of use (asset) of €0.5 million and a lease liability of €0.7 million.

8.Trade payables and others

(in thousands of euro)	June 30, 2023	December 31, 2022
Suppliers (excluding payables related to capital expenditures)	9,868	13,656
Tax and employee-related payables	5,327	5,978
Other payables (1)	1,380	1,260
Trade payables and others (excluding payables related to capital expenditures)	16,575	20,894
Payables related to capital expenditures (2)	2,416	17
Payables and others	18,991	20,911

Innate Pharma |Half-year financial report June 30, 2023 | 30

(1) As of June 30, 2023, this amount includes mainly the liability related to the payment of the guarantee fees on the two State Guaranteed Loans obtained from Société Générale and BNP Paribas in 2021 (see note 9).

(2) As of June 30, 2023, this amount includes mainly the amount of €2,400 thousand due to Orega Biotech for the rights relating to IPH5201 following the first patient dosed in the Phase 2 MATISSE clinical trial in June 2023, in accordance to the agreement signed in 2019. This amount was fully paid in July 2023.

The book value of trade payables and others is considered to be a reasonable approximation of their fair value.

9.Financial liabilities

(in thousands of euro)	December 31, 2022	Proceeds from borrowing	Proceeds from lease liabilities and other non cash effects	Repayments of borrowings/leases liabilities	Exchange rate variation (non cash)	June 30, 2023
State guaranteed loan Société Générale (1)	20,000	—	—	—	—	20,000
State guaranteed loan BNP Paribas (1)	8,700	—	—	—	—	8,700
State guaranteed loans - accrued interest	15	—	—	—	—	15
Lease liabilities – Building "Le Virage" (3)	1,353	—	(736)	(130)	—	487
Lease liabilities – Premises Innate Inc.	345	—	—	(50)	2	297
Lease liabilities – Laboratory equipment	287	—	—	(89)	—	198
Lease liabilities – Vehicles	33	—	48	(13)	—	70
Lease liabilities - Printers	27	—	—	(4)	—	23
Borrowing – Equipment	154	—	—	(27)	—	127
Borrowing – Building (2)	11,338	—	—	(602)	—	10,736
Total	42,252	—	(689)	(916)	2	40,658

(in thousands of euro)	December 31, 2021	Proceeds from borrowing	Proceeds from lease liabilities (non cash)	Repayments of borrowings/leases liabilities	Exchange rate variation (non cash)	June 30, 2022
State guaranteed loan Société Générale (1)	20,000	—	50	—	—	20,050
State guaranteed loan BNP Paribas (1)	8,700	—	22	—	—	8,722
State guaranteed loans - accrued interest	—	—	—	—	—	—
Lease liabilities – Building "Le Virage"	1,875	—	—	(260)	—	1,614
Lease liabilities – Premises Innate Inc.	391	—	45	(44)	5	396
Lease liabilities – Laboratory equipment	464	—	—	(87)	—	376
Lease liabilities – Vehicles	53	—	38	(19)	—	71
Lease liabilities - Printers	35	—	—	(4)	—	31
Borrowing – Equipment	209	—	—	(27)	—	181
Borrowing – Building (2)	12,525	—	—	(591)	—	11,933
Total	44,251	—	155	(1,032)	5	43,374

Innate Pharma |Half-year financial report June 30, 2023 | 31

(1) On January 5, 2022, the Company announced that it had obtained €28.7 million in non-dilutive financing in the form of two State Guaranteed Loans from Société Générale (€20.0 million) and BNP Paribas (€8.7 million). The Company received the funds related to these two loans on December 27 and 30, 2021 respectively. Both loans have an initial maturity of one year with an option to extend to five years usable from August, 2022. They are 90% guaranteed by the French government as part of the package of measures put in place by the French government to support companies during the COVID-19 pandemic. In August 2022, the Company has requested the extension of these two loans repayment for an additional period of five years starting in 2022 and including a one-year grace period. Consequently, the Company has obtained agreements from Société Générale and BNP Paribas. The effective interest rates applied to these contracts during the additional period are 1.56% and 0.95% for Société Générale and BNP Paribas loans, respectively, excluding insurance and guarantee fees, with an amortization exemption for the entire year 2023. During this grace period, the Company will only be liable for the payment of interest and the guarantee fees, with amortization of the two loans starting in 2024 over a period of four years. The state guarantee fees amounts to €877 thousand and €379 thousand for Société Générale and BNP Paribas loans respectively.

(2) On July 3, 2017, the Company borrowed from the Bank “Société Générale” in order to finance the construction of its future headquarters. This loan amounting to a maximum of €15,200 thousand will be raised during the period of the construction in order to pay the supplier payments as they become due. As of December 31, 2018 and 2019, the loan was raised at an amount of €1,300 thousand.

The loan release period was limited to August 30, 2019. On August 30, 2019, the Company drew down the remaining portion of the €15,200 thousand loan granted, for an amount of €13,900 thousand. The reimbursement of the capital has begun in August 30, 2019 and will proceed until August 30, 2031 (12 years). Given the development of its portfolio and in particular the refocusing of its activities on research and development, the Company has for the time being suspended the project to build its new head office on the land acquired in Luminy. In the meantime, the loan will be used to finance several structuring projects (improvement of the information system, development of a commercial platform, development of additional premises rented, etc.). As of June 30, 2023, the remaining capital of the loan amounted to €10,736 thousand. The Company authorized collateral over financial “Société Générale” instruments amounting to €15,200 thousand. The security interest on the pledge financial instruments will be released in accordance with the following schedule: €4,200 thousand in July 2024, €5,000 thousand in August 2027 and €6,000 thousand in August 2031.

This loan bears a fixed interest rate of 2.01%. It is subject to a covenant based on the assumption that the total cash, cash equivalents and current and non-current financial assets are at least equal to principal as of financial year end.

(3) On March 13, 2023, the Company signed an amendment to the lease for the "Le Virage" building, reducing the surface area of the leased premises. The effective date of the lease amendment is March 15, 2023. As a result, and in accordance with IFRS 16, the impact on the consolidated balance sheet at the effective date of the lease amendment is as follows: write-off of a right of use (asset) of €0.5 million and a lease liability of €0.7 million.

The table below shows the schedule for the contractual repayment of financial liabilities (being principal and interest payments) as of June 30, 2023:

Innate Pharma |Half-year financial report June 30, 2023 | 32

(in thousands of euro)	Within 1 year	From 2nd to 5th year included	Over 5 years	Total
State guaranteed loan Société Générale	2,739	18,087	—	20,826
State guaranteed loan BNP Paribas	1,156	7,772	—	8,928
State guaranteed loans - accrued interest	14	—	—	14
Lease liabilities – Building "Le Virage"	255	255	—	509
Lease liabilities – Premises Innate Inc.	96	208	—	304
Lease liabilities – Laboratory equipment	167	32	—	198
Lease liabilities – Vehicles	29	44	—	71
Lease liabilities - Printers	9	13	—	22
Borrowing – Equipment	57	71	—	128
Borrowing – Building	1,427	5,706	4,517	11,649
Total financial liabilities	5,948	32,189	4,517	42,654

10.Employee benefit

Defined benefit obligation

(in thousands of euro)	June 30, 2023	December 31, 2022
Allowance for retirement defined benefit	2,159	2,184
Allowance for seniority awards	373	366
Defined benefit obligations	2,532	2,550

Amounts recognized in the statement of financial position are determined as follows (in thousand euros):

As of January 1, 2022	2,976
Service cost	427
Interest costs	(62)
Actuarial (gain) / loss	(790)
As of December 31, 2022	2,550
Service cost	100
Interest costs	(17)
Actuarial (gain) / loss	(101)
As of June 30, 2023	2,532

Discount rates used by the Company to evaluate retirement benefits were based on iBoxx Corporate AA. It was 3.60% and 3.75% as of June 30, 2023 and December 31, 2022, respectively.

In addition, the impact of the 2023 pension reform (including the raising of the retirement age) has been recognized as a plan amendment within the meaning of IAS 19, recognized in the income statement and balance sheet with no material impact at June 30, 2023.

Innate Pharma |Half-year financial report June 30, 2023 | 33

11.Capital

11.1Share capital

The Company manages its capital to ensure that the Company will be able to continue as a going concern while maximizing the return to shareholders through the optimization of the debt and equity balance.

As of June 30, 2023, the Company’s share capital amounted to €4,026,536 divided into (i) 80,516,622 ordinary shares, each with a nominal value of €0.05; (ii) 6,514 “2016” preferred shares, each with a nominal value of €0.05, and (iii) 7,581 “2017” preferred shares, each with a nominal value of €0.05, respectively, fully paid up.

Share capital does not include BSAs, BSAAR, AGAs and AGAPs that have been granted to certain investors or natural persons, both employees and non-employees of the Company, but not yet exercised.

On October 21, 2019 and December 30, 2019, the retention period for the “2016 free preferred shares” has ended. The number of ordinary shares to which the conversion of one preferred share entitle has been determined according to the fulfilment of the performance criteria. Holders of “2016” preferred shares” are entitled to vote at our shareholders’ meetings, to dividends and to preferential subscription rights, on the basis of the number of ordinary shares to which they are entitled if they convert their preferred shares.

In April 3, 2021, the retention period for the "2017 free preferred shares" has ended. The number of ordinary shares to which the conversion of one preferred share entitle has been determined according to the fulfillment of the performance criteria. According to these same performance criteria, the Executive Board of April 7, 2021 noted that the "2017 preferred shares" did not give right to any ordinary shares. The “2017 preferred shares” will not be redeemed by the Company and will remain incorporated into the capital, unless subsequently decided by the Executive Board. As the conversion is void, the "2017 preferred shares" no longer give the right to vote at our general meetings, nor to receive dividends.

In the six months ended June 30, 2023, a capital increase of €15,228 occurred as a result of the Executive Board decisions on April 14, 2023 and July 6, 2023, subsequent to (i) the conversion of 47,100 “2012” BSAAR and (ii) the creation of 223,593 ordinary shares following the set-up of a company saving plan for the benefit of the Company’s employees, including 163,293 ordinary shares issued free of charge (top-up) and (iii) the conversion of 33,860 “2013” BSA. These events led to a net capital increase of €15,228 and an increase in share premium of €332,621, broken down as follows: (i) a creation of 47,100 ordinary shares, with a nominal value of €0.05, for an issue price of €2.04, (ii) a creation of 163,293 ordinary shares, with a nominal value of €0.05 and a creation of 60,300 ordinary shares, with a nominal value of €0.05, for an issue price of €2.85 per share, and (iii) a creation of 33,860 ordinary shares, with a nominal value of €0.05, for an issue price of €2.36.

11.2Treasury shares

The Company held 18,575 of its own shares as of June 30, 2023 and December 31, 2022, respectively.

11.3Share based payments

The Company has issued BSAs, BSAARs, AGAs and AGAPs as follows:

Date	Types	Number of warrants issued as of 6/30/2023	Number of warrants void as of 6/30/2023	Number of warrants exercised as of 6/30/2023	Number of warrants outstanding as of 6/30/2023	Maximum number of shares to be issued as of 6/30/2023	Exercise price per share (in €)
Sept. 9, 2011	BSAAR 2011	650,000	25,000	625,000	—	—	2.04
May 27, 2013	BSAAR 2012	146,050	12,250	133,800	—	—	2.04

Innate Pharma |Half-year financial report June 30, 2023 | 34

July 1, 2015	BSAAR 2015	1,050,382	2,720	1,940	1,045,722	1,045,722	7.20
October 21, 2016	AGAP Management 2016-1	2,000	550	250	86,700	59,350	59,350.00
October 21, 2016	AGAP Employees 2016-1	2,486	251	167	2,068	268,840	-
October 21, 2016	AGA Management 2016-1	50,000	—	50,000	—	—	-
December 30, 2016	AGAP Management 2016-2	3,000	—	—	3,000	333,000	-
December 30, 2016	AGA Management 2016-2	250,000	—	250,000	—	—	-
April 3,2018	AGAP Employees 2017-1	5,725	5,725	—	—	—	-
April 3,2018	AGAP Management 2017-1	2,400	2,400	—	—	—	—
April 3,2018	AGA Employees 2017	114,500	4,000	110,500	—	—	—
July 3, 2018	AGA Bonus 2018-1	67,028	469	66,559	—	—	-
November 20, 2018	AGAP Perf Employees 2018-1	327,500	224,375	103,125	—	—	-
November 20, 2018	AGAP Perf Management 2018-1	260,000	150,000	110,000	—	—	-
January 14, 2019	AGA Employees 2018	90,650	5,000	85,650	—	—	-
April 29, 2019	AGA New Members 2017-1	25,000	—	25,000	—	—	-
July 3, 2019	AGA Bonus 2019-1	57,376	—	57,376	—	—	-
July 13, 2020	AGA Bonus 2020-1 & 2	79,861	17,885	61,976	—	—	-
August 5, 2020	AGAP Employees 2020-1	766,650	310,434	—	456,216	456,216	-
August 5, 2020	AGAP Management 2020-1	710,000	60,000	—	650,000	650,000	-
July 22, 2021	AGA Bonus 2021-1	125,748	—	125,748	—	—	-
October 1, 2021	AGAP Employees 2021-1	1,066,600	167,600	—	899,000	899,000	-
October 1, 2021	AGAP Management 2021-1	610,000	90,000	—	520,000	520,000	-
February 12, 2022	AGA "Plan Epargne Entreprise" 2022	138,960	—	138,960	—	—	—
October 3, 2022	AGA Bonus 2022-1	128,061	—	—	128,061	128,061	—
December 12, 2022	AGA Perf Employees 2022-1	1,371,500	81,000	—	1,290,500	1,290,500	—
December 12, 2022	AGA Perf Management 2022-1	550,000	—	—	550,000	550,000	—
April 14, 2023	AGA "Plan Epargne Entreprise" 2023	163,293	—	163,293	—	—	—
July 21, 2020	Stock Options 2020-1	102,000	102,000	—	—	—	-
November 4, 2019	AGAP 2019 Employees 2019	546,700	375,150	171,550	—	—	-
November 4, 2019	AGAP 2019 Management 2019	355,000	207,500	147,500	—	—	-
July 29, 2011	BSA 2011-2	225,000	25,000	200,000	—	—	1.77
July 17, 2013	BSA 2013	237,500	—	225,000	12,500	12,500	2.36
July 16, 2014	BSA 2014	150,000	—	75,000	75,000	75,000	8.65
April 27, 2015	BSA 2015-1	70,000	—	—	70,000	70,000	9.59
July 1, 2015	BSA 2015-2	14,200	—	—	14,200	14,200	14.05
September 20, 2017	BSA 2017	37,000	—	—	37,000	37,000	11.00
December 16, 2022	BSA 2022-1	40,000	31,740	—	8,260	8,260	2.31
	Total as of June 30, 2023	10,592,170	1,901,049	2,928,394	5,762,727	6,514,299

Innate Pharma |Half-year financial report June 30, 2023 | 35

12.Financial instruments recognized in the statement of financial position and related effect on the income statement

The following tables show the carrying amounts and fair values of financial assets and financial liabilities. The tables do not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.

As of June 30, 2023	Book value on the statement of financial position	Fair value through profit and loss (1)	Amortized cost (2)	Fair value
Financial assets
Non-current financial assets	35,790	35,790	—	35,790
Trade receivables and others	56,446	—	56,446	56,446
Short-term investments	17,475	17,475	—	17,475
Cash and cash equivalents	71,414	71,414	—	71,414
Total financial assets	181,125	124,679	56,446	181,125
Financial liabilities
Financial liabilities—non-current portion	35,323	—	35,323	35,323
Financial liabilities—current portion	5,335	—	5,335	5,335
Trade payables and others	18,991	—	18,991	18,991
Total financial liabilities	59,649	—	59,649	59,649

As of December 31, 2022	Book value on the statement of financial position	Fair value through profit and loss (1)	Amortized Cost (2)	Fair value
Financial assets
Non-current financial assets	35,119	35,119	—	35,119
Trade receivables and others	52,445	—	52,445	52,445
Short-term investments	17,260	17,260	—	17,260
Cash and cash equivalents	84,225	84,225	—	84,225
Total financial assets	189,049	136,604	52,445	189,049
Financial liabilities
Financial liabilities—non-current portion	40,149	—	40,149	40,149
Financial liabilities—current portion	2,102	—	2,102	2,102
Trade payables and others	20,911	—	20,911	20,911
Total financial liabilities	63,162	—	63,162	63,162

(1) The fair value of financial assets classified as fair value through profit and loss corresponds to the market value of the assets, which are primarily determined using level 2 measurements.

(2) The book amount of financial assets and liabilities measured at amortized cost was deemed to be a reasonable estimation of fair value.

In accordance with the amendments to IFRS 7, financial instruments are presented in three categories based on a hierarchy of methods used to determine fair value:

Level 1: fair value determined based on quoted prices in active markets for assets or liabilities;

Level 2: fair value determined on the observable database for the asset or liability concerned either directly or indirectly;

Innate Pharma |Half-year financial report June 30, 2023 | 36

Level 3: fair value determined on the basis of evaluation techniques based in whole or in part on unobservable data.

13.Revenue, government financing for research expenditures and sales

13.1Revenue from collaboration and licensing agreements

Revenues from collaboration and licensing agreements result from agreements signed with AstraZeneca, Sanofi and Takeda :

(in thousands of euro)	June 30, 2023	June 30, 2022
Proceeds from collaboration and licensing agreements	34,728	41,919
of which monalizumab agreement (AstraZeneca)	9,503	16,440
of which IPH5201 agreement (AstraZeneca)	—	4,826
of which preclinical molecules agreement (AstraZeneca)	—	17,400
of which 2016 Sanofi agreement	2,000	3,000
of which 2022 Sanofi agreement	18,672	—
of which Takeda agreement	4,553	—
of which other agreements	—	252
Invoicing of R&D costs (IPH5201 agreement)	616	(21)
Exchange gains or losses on collaboration agreement	—	(627)
Revenue from collaboration and licensing agreements	35,344	41,271

a) Revenue recognition related to monalizumab AZ agreements and amendments

Change in deferred revenue relating to monalizumab agreement:

(in thousands of euro)	Total
As of December 31, 2021	20,159
Increase in deffered revenu resulting from the $50m milestone relating to the dosage of the first patent in the Phase 3 trial PACIFIC-9 (1)	47,687
Revenue for the six months ended June 30, 2022	(16,440)
Transfer from / (to) collaboration liabilities	(34,094)
As of June 30, 2022	17,312
As of December 31, 2022	14,481
Revenue for the six months ended June 30, 2023	(9,503)
Transfer from / (to) collaboration liabilities	(283)
As of June 30, 2023	4,696

(1) As a reminder, the increase in deferred revenue relating to monalizumab agreement between December 31, 2021 and June 30, 2022 is explained by the additional payment of €47,687 thousand ($50,000 thousand) made by AstraZeneca in June 2022 and triggered by the launch of the “PACIFIC-9” Phase 3 trial on April 28, 2022. This increase has led to a simultaneous increase in collaboration commitment ("collaboration liability"- see below) of

Innate Pharma |Half-year financial report June 30, 2023 | 37

€34,335 thousand ($36,000 thousand) in accordance with the Company’s July 2019 option concerning the co-financing of Phase 3 trials in the field of collaboration.

Change in collaboration liabilities relating to monalizumab agreement:

(in thousands of euro)	Total
As of December 31, 2021	40,415
Additions (1)	38,568
Deductions	(5,862)
As of June 30, 2022	73,121
As of December 31, 2022	63,211
Additions	283
Deductions	(7,436)
As of June 30, 2023	56,058

(1) As a reminder, the increase in collaboration liabilities relating to monalizumab agreement between December 31, 2021 and June 30, 2022 mainly results from (i) a €34,335 thousand ($36,000 thousand) increase in collaboration commitments in connection with the launch of the “PACIFIC-9” Phase 3 trial on April 28, 2022, and (ii) a €3,700 thousand increase in the collaboration commitments in connection with exchange rate fluctuations over the period.

b) Revenue recognition related to IPH5201 AstraZeneca collaboration and option agreement

Revenue related to IPH5201 for the six months ended June 30, 2023 are nil as compared to a €4,826 thousand revenue for the six months ended June 30, 2022 which resulted from the entire recognition in revenue of the $5.0 million milestone payment received from AstraZeneca following the signature on June 1, 2022 of an amendment to the initial contract signed in October 2018. As a reminder, this amendment set the terms of the collaboration following AstraZeneca’s decision to advance IPH5201 to a Phase 2 study. The Company will conduct the study. Both parties will share the external cost related to the study and incurred by the Company and AstraZeneca will provide products necessary to conduct the clinical trial.

c) Revenue related to IPH6401 - Sanofi

Revenue related to IPH6401 under the collaboration and license agreement signed with Sanofi is €2,000 thousand for the six months ended June 30, 2023, as compared to a revenue of €3,000 thousand as of June 30, 2022. The Company announced that, in June 2023, the first patient was dosed in a Sanofi-sponsored Phase 1/2 clinical trial evaluating IPH6401/SAR'514 in relapsed or refractory Multiple Myeloma. Under the terms of the licensing agreement signed in 2016, Sanofi made a milestone payment of €2.0 million, fully recognized in revenue as of June 30, 2023. This amount was received by the Company on July 21, 2023.

d) Revenue related to Sanofi research collaboration and licensing agreement (2022)

On January 25, 2023, the Company announced the expiration of the waiting period under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act of 1976 and the effectiveness of the licensing agreement as of January 24, 2023. Consequently, under the terms of such agreement, the Company received an upfront payment of €25.0 million in March 2023, including €18.5 million for the exclusive license, €1.5 million for the research work and €5.0 million for the two additional targets options. The Company considers that the license to the B7-H3 technology is a right to

Innate Pharma |Half-year financial report June 30, 2023 | 38

use the intellectual property granted exclusively to Sanofi from the effective date of the agreement. As such, the €18.5 million upfront payment relating to the exclusive license has been fully recognized in revenue as of June 30, 2023.

Change in deferred revenue relating to the 2022 research collaboration and licensing agreement :

(in thousands of euro)	Total
As of December 31, 2022	—
Additions (1)	6,500
Deductions	(172)
As of June 30, 2023	6,328

(1) The increase in deferred revenue relating to the 2022 research collaboration and licensing agreement with Sanofi between December 31, 2022 and June 30, 2023 mainly comprises (i) an upfront payment of €5,000 thousand relating to the granting of two options for exclusive licenses on Innate's intellectual property for the research, development, manufacturing and commercialization of NKCEs specifically targeting two preclinical molecules. The Company will recognize the related revenues either at the reporting date or three years after the effective date; as well as (ii) an amount of €1,400 thousand relating to research services provided in collaboration with Sanofi. The Company will recognize the related revenues on a straight-line basis over the duration of the research work to which the Company has agreed corresponding to three years.

e) Schedule of variance of deferred revenue

(in thousands of euro)	As of December 31, 2022	Recognition in P&L	Proceeds	Transfer from / (to) collaboration liabilities	As of June 30, 2023
Monalizumab	14,481	(9,503)	—	(283)	4,696
Sapphire (Sanofi options)	—	—	5,000	—	5,000
Sapphire (Sanofi services)	—	(172)	1,500	—	1,328
Total	14,481	(9,675)	6,500	(283)	11,024

(in thousands of euro)	As of December 31, 2021	Recognition in P&L	Proceeds	Transfer from / (to) collaboration liabilities	As of June 30, 2022
Monalizumab	20,159	(16,440)	47,687	(34,094)	17,312
Preclinical molecules	17,400	(17,400)	—	—	—
Others	353	(235)	—	—	117
Total	37,912	(34,075)	47,687	(34,094)	17,427

13.2Government financing for research expenditures

The Company receives grants from the European Commission, French government and state organizations in several different forms:

•Research Tax Credits; and

• Investment and operating grants.

As of June 30, 2023 and 2022, an estimate of the research tax credit amount for the first half period is calculated on the basis of eligible expenses over the period.

Innate Pharma |Half-year financial report June 30, 2023 | 39

The total amount for government financing for research expenditures recorded as other income in the income statement can be analysed as follows:

(in thousands of euro)	June 30, 2023	June 30, 2022
Research tax credit	4,854 (1)	4,270
Grant	0	49
Government financing for research expenditures	4,854	4,319

(1) As of June 30, 2023, the amount is mainly composed of (i) the research tax credit calculated and recognized for the 2022 financial year for an amount of €5.0 million from which is subtracted (ii) a provision amounting to €0.2 million relating to the additional provision in connection with the tax inspection carried out in 2022 by the French tax authorities relating to the 2019 and 2020 financial years, as well as the research tax credit and the accuracy of its calculation for the 2018 to 2020 financial years.

14.Operating expenses

(in thousands of euro)	June 30, 2023			June 30, 2022
	R&D	G&A	Total	R&D	G&A	Total
Subcontracting costs(1)	(15,857)	—	(15,857)	(10,727)	—	(10,727)
Cost of supplies and consumable materials	(1,410)	(100)	(1,510)	(1,663)	(285)	(1,948)
Personnel expenses other than share-based compensation	(7,781)	(3,871)	(11,652)	(7,447)	(4,448)	(11,895)
Share-based compensation	(905)	(496)	(1,401)	(1,275)	(1,321)	(2,596)
Personnel expenses	(8,686)	(4,367)	(13,053)	(8,722)	(5,769)	(14,491)
Non-scientific advisory and consulting(2)	(532)	(1,662)	(2,194)	(752)	(2,242)	(2,994)
Leasing and maintenance	(470)	(445)	(915)	(97)	(961)	(1,058)
Travel expenses and meeting attendance	(180)	(143)	(323)	(245)	(109)	(354)
Marketing, communication and public relations	(34)	(142)	(176)	(84)	(375)	(459)
Scientific advisory and consulting(3)	(561)	—	(561)	(360)	—	(360)
Other purchases and external expenses	(13)	(1,153)	(1,166)	(9)	(1,123)	(1,132)
Depreciation and amortization	(3,044)	(601)	(3,645)	(1,274)	(768)	(2,042)
Intellectual property expenses	(570)	(68)	(638)	(492)	(176)	(668)
Other income and (expenses), net	(98)	(464)	(562)	(531)	(332)	(863)
Total operating expenses	(31,453)	(9,144)	(40,597)	(24,956)	(12,140)	(37,096)

(1)The Company subcontracts a significant part of its pre-clinical (pharmaceutical development, tolerance studies and other model experiments, etc.) and clinical operations (coordination of trials, hospital costs, etc.) to third parties.

(2)Non-scientific advisory and consulting are services performed to support the general and administration activities of the Company, such as legal, accounting and audit fees as well as business development support.

(3)Scientific advisory and consulting expenses relate to consulting services performed by third parties to support the research and development activities of the Company.

Innate Pharma |Half-year financial report June 30, 2023 | 40

14.1Personnel expenses other than share-based compensation

The line item amounted to €11,652 thousand and €11,895 thousand for the six months ended June 30, 2023 and 2022 respectively. The Company had 191 employees as of June 30, 2023, compared to 213 at June 30, 2022.

14.2Depreciation and amortization

As of June 30, 2023, this amount includes the amortization of the additional payment made to Orega Biotech in 2023 for and amount of €2,000 thousand and the amortization of rights related to the monalizumab for an amount of €651 thousand. As of June 30, 2022, this amount included the amortization of rights related to the monalizumab for an amount of €903 thousand. (see Note 6).

14.3Cost of suppliers and consumable materials

Cost of supplies and consumable materials consists mainly of the cost of procurement of the Company’s drug substance and/or drug product that is manufactured by third-parties, respectively.

15.Net financial income / (loss)

Net financial income (loss) can be analyzed as follows :

(in thousands of euro)	June 30, 2023	June 30, 2022
Interests on financial assets	965	198
Change in valuation allowance on financial instruments	1,044	53
Foreign exchange gains	1,073	3,797
Other financial income	—	—
Financial income	3,083	4,048
Foreign exchange losses	(642)	(3,663)
Unrealized losses on financial assets	—	(2,309)
Interest on financial liabilities	(324)	(194)
Other financial expenses	—	—
Financial expenses	(966)	(6,166)
Net financial income (loss)	2,116	(2,118)

For the six months ended June 30, 2023 and 2022, the foreign exchange gains and losses mainly result from the variance of the exchange rate between the Euro and the US dollar on US dollars denominated cash and cash equivalent and financial assets accounts.

Unrealized losses on financial assets relate to unquoted instruments, the fair value of which is determined using level 2 measurements.

16.Income tax / (expense)

Due to the Company’s early stage of development, it is not probable that future taxable profit will be available against which the unused tax losses can be utilized. As a consequence, deferred tax assets are recognized up to deferred tax liabilities. The main temporary differences are related to the application of the IFRS 15 standard for

Innate Pharma |Half-year financial report June 30, 2023 | 41

fiscal years beginning on or after January 1, 2018, finance leases, provisions for pension commitments and tax loss carryforwards.

The Company did not recognize a current tax expense as of June 30, 2023 regarding a projected tax rate of nil as of December 31, 2023. As of June 30, 2023, the accumulated tax losses carryforwards of Innate Pharma SA were €466,153 thousand with no expiration date (same amount as of December 31, 2022). As of June 30, 2023, the accumulated tax losses carryforwards of Innate Pharma Inc was €15,419 thousand or $16,446 thousand (same amount as of December 31, 2022).

17. Discontinued Operations

As a reminder, a Termination and Transition Agreement was negotiated and executed, effective as of June 30, 2021 further to the Company's decision to return the rights of Lumoxiti back to AstraZeneca. Consecutively, activities related to Lumoxiti are presented as discontinued operations since October 1, 2021.

Thus, the net income from discontinued operations related to Lumoxiti are nil compared to a net loss of €0.1 million for the first half of 2022 corresponding to residual costs associated with the transfer of activities to AstraZeneca. This transfer has now been completed.

a) Financial Performance

(in thousands of euro)	June 30, 2023	June 30, 2022
Revenue and other income
Revenue from collaboration and licensing agreements	—	—
Sales	—	42
Total revenue and other income	—	42
Operating expenses
Research and development expenses	—	(11)
Selling, general and administrative expenses	—	(104)
Impairment of intangible assets	—	—
Total operating expenses	—	(115)
Net income (loss) from distribution agreements	—	—
Operating income (loss)	—	(73)
Financial income	—	—
Financial expenses	—	—
Net financial income (loss)	—	—
Net income (loss) before tax	—	(73)
Income tax expense	—	—
Net income (loss) from discontinued operations	—	(73)

b) Cash-Flows

Innate Pharma |Half-year financial report June 30, 2023 | 42

(in thousands of euro)	June 30, 2023	June 30, 2022
Net cash generated from / (used in) operating activities	—	(5,539)
Net cash generated from / (used in) investing activities	—	—
Net cash generated from / (used in) financing activities	—	—
Net cash flows from discontinued operations	—	(5,539)

18.Commitments, contingencies and litigation

18.1Commitments

The Company has identified the following changes in off-balance sheet commitments since December 31, 2022:

•non-cancellable purchase commitments as of June 30, 2023 for a total of €3,598 thousand with various CMOs.These commitments are comprised of non-cancellable purchase orders placed during the first half of 2023 with contract manufacturing organizations (CMOs) for the supply of various services in relation with preclinical work for an amount of €783 thousand and clinical work for an amount of €2,815 thousand. The execution and billing of these services has not yet started at the date of this report.

18.2Contingencies and litigations

The Company is exposed to contingent liabilities happening in the ordinary course of its activities. Each pre-litigation, known litigation or procedure in course the Company is involved in is analyzed at each closing date after consultation of legal counsel. There is no acknowledged litigation as of June 30, 2023.

18.3Provisions

Provisions amounted to €2,247 thousand and €1,740 thousand as of June 30, 2023 and December 31, 2022, respectively. As of June 30, 2023, they mainly consist of (i) a provision amounting €1,430 thousand in connection with the tax inspection carried out in 2022 and (ii) provision for charges amounting €689 thousand relating to the employer contribution in respect of the grants of employee equity instruments.

Regarding the tax inspection, as of June 30, 2023, the Company reassessed the impact on research tax credit claims relating to expenses incurred in the years under review. Consequently, the provision has been adjusted to €1,430 thousand compared to €1,270 thousand as of December 31, 2022. The procedure is still ongoing at the date of this report.

Moreover, in accordance with IFRS 2, when a Company decides to provide its employees with shares bought back on the market, a provision has to be recognized upon the decision to allocate free shares that are spread over the vesting period when the plan conditions actions for employees when they join the Company at the end of the plan.

19.Related party transactions

Members of the Executive Board and Other Executive Members

For each of the period presented, the following compensation was granted to the members of the Executive Committee of the Company and were recognized as expense:

Innate Pharma |Half-year financial report June 30, 2023 | 43

(in thousands of euro)	June 30, 2023	June 30, 2022
Personnel and other short-term employee benefits	1,386	1,205
Extra pension benefits	11	11
Share-based compensation	408	891
Advisory fees	318	—
Executive Board Members and other Executive Members compensation	2,123	2,107

Personnel and other short-term employee benefits correspond to amounts included in personnel expenses for the six-month periods ended June 30, 2023 and 2022 respectively.

Claire de Saint-Blanquat,Vice President, Legal and Corporate and Secretary of the Supervisory Board and Henry Wheeler, Vice President, Investor Relations and Communication was appointed to the executive committee in January 2023.

Members of the Supervisory Board

The Company recognized a provision of €176 thousand for attendance fees (jetons de presence) relating to the six months ended June 30, 2023. This amount includes the compensation for the Chairman of the Supervisory Board.

Related parties

Novo Nordisk A/S is a shareholder, Supervisory Board member and is related to the Company by three licensing agreements related to the drug candidates lirilumab, monalizumab and avdoralimab. Under the terms of the agreements, Novo Nordisk A/S is eligible to receive milestone payments as well as royalties on future sales. As of June 30, 2023, the Company has no liability to Novo Nordisk A/S.

AstraZeneca is a shareholder and is related to the Company through several collaboration and option licensing or license agreements for different drug candidates (monalizumab, avdoralimab and IPH5201). The payments between the two companies as well as the liabilities and receivables as of June 30, 2023 are as follows:

	As of June 30,2023
(in thousands of euro)	Payments	Assets/Liabilities
Collection (AstraZeneca to the Company) / Receivables	3,281	863
Payments (the Company to AstraZeneca) / Liabilities	(8,139)	(2,587)
Total	(4,858)	(1,724)

Subsidiaries

The business relationships between the Company and its subsidiary are governed by intra-group and commercial agreements, concluded at market standard conditions on an arm’s length basis.

20.Income / (loss) per share

20.1Basic income / (loss) per share

Basic income / (loss) per share are calculated by dividing the net earnings attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the period.

Innate Pharma |Half-year financial report June 30, 2023 | 44

	June 30, 2023	June 30, 2022
Net income/(loss)	1,718	6,303
Weighted average number of ordinary shares in circulation	80,319,897	79,753,657
Basic income/(loss) per share (€ per share)	0.02	0.08

20.2Diluted income / (loss) per share

Diluted income (loss) per share is calculated by dividing the net income (loss) attributable to equity holders of the Company by the weighted average number of ordinary shares in circulation during the corresponding period, increased by all dilutive potential common shares.

In thousands of euro, except for data share	June 30, 2023	June 30, 2022
Net income/(loss) for the period	1,718	6,303
Weighted average number of ordinary shares in circulation	80,319,897	79,753,657
Adjustment for share instruments	3,461,439	2,132,098
Diluted income/(loss) per share (€ per share)	0.02	0.08

21.Events after the reporting date

None.

Innate Pharma |Half-year financial report June 30, 2023 | 45

STATUTORY AUDITORS' REVIEW REPORT ON THE HALF-YEARLY FINANCIAL INFORMATION

This is a free translation into English of the statutory auditors’ review report on the half-yearly financial information issued in French and is provided solely for the convenience of English-speaking users. This report includes information relating to the specific verification of information given in the Group’s half-yearly management report. This report should be read in conjunction with, and construed in accordance with, French law and professional standards applicable in France.

To the Shareholders of INNATE PHARMA,

In compliance with the assignment entrusted to us by your Annual General Meeting and in accordance with the requirements of article L. 451-1-2-III of the French Monetary and Financial Code ("code monétaire et financier"), we hereby report to you on:

•the review of the accompanying condensed half-yearly consolidated financial statements of Innate Pharma, for the period from January 1 to June 30, 2023,

•the verification of the information presented in the half-yearly management report.

These half-year condensed consolidated financial statements were prepared under the responsibility of the Executive Board. Our role is to express a conclusion on these financial statements based on our review.

Conclusion on the financial statements

We conducted our review in accordance with professional standards applicable in France. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with professional standards applicable in France and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed half-yearly consolidated financial statements are not prepared, in all material respects, in accordance with IAS 34, the IFRS standard as adopted by the European Union applicable to interim financial information.

Specific verification

We have also verified the information presented in the half-yearly management report commenting the condensed half-yearly consolidated financial statements subject to our review.

We have no matters to report as to its fair presentation and consistency with the condensed half-yearly consolidated financial statements.

Marseille and Paris-La Défense, September 13, 2023

The Statutory Auditors

French original signed by

Odycé Nexia SAS             Deloitte & Associés
Member of Nexia International

         Guy CASTINEL             Stéphane MENARD

Innate Pharma |Half-year financial report June 30, 2023 | 46

DECLARATION BY THE PERSON RESPONSIBLE FOR THIS HALF-YEAR FINANCIAL REPORT

I hereby declare, to the best of my knowledge, that the condensed consolidated interim financial statements for the six months ended June 30, 2023 have been prepared in accordance with applicable accounting standards and give a true and fair view of the assets, liabilities, financial position and results of the Company and the subsidiaries included in the consolidation, and that the half year management reviews stated on page 5 gives a fair description of the material events that occurred in the first six months of the financial year and their impact on the interim financial statements, as well as a description of the principal risks and uncertainties for the remaining six months of the year, along with the principal transactions with related parties.

Chairman of the Executive Board

Mr Mondher Mahjoubi

Innate Pharma |Half-year financial report June 30, 2023 | 47

XML

Cover	6 Months Ended
	Jun. 30, 2023
Cover [Abstract]
Document Type	6-K
Entity Registrant Name	Innate Pharma SA
Amendment Flag	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001598599
Current Fiscal Year End Date	--12-31

XML

Interim Condensed Consolidated Statements of Financial Position - EUR (€) € in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	€ 71,414	€ 84,225
Short-term investments	17,475	17,260
Trade receivables and others	55,566	38,346
Total current assets	144,455	139,831
Non-current assets
Intangible assets	903	1,556
Property and equipment	7,262	8,542
Non-current financial assets	35,790	35,119
Other non-current assets	86	149
Trade receivables and others - non-current	880	14,099
Deferred tax asset	9,674	8,568
Total non-current assets	54,594	68,033
Total assets	199,049	207,863
Current liabilities
Trade payables and others	18,991	20,911
Collaboration liabilities – current portion	6,538	10,223
Financial liabilities – current portion	5,335	2,102
Deferred revenue – current portion	5,050	6,560
Provisions - current portion	1,753	1,542
Total current liabilities	37,667	41,338
Non-current liabilities
Collaboration liabilities – non-current portion	49,520	52,988
Financial liabilities – non-current portion	35,323	40,149
Defined benefit obligations	2,532	2,550
Deferred revenue – non-current portion	5,974	7,921
Provisions - non-current portion	494	198
Deferred tax liabilities	9,674	8,568
Total non-current liabilities	103,518	112,374
Shareholders’ equity
Share capital	4,027	4,011
Share premium	381,371	379,637
Retained earnings	(330,315)	(272,213)
Other reserves	1,064	819
Net income (loss)	1,718	(58,103)
Total shareholders’ equity	57,863	54,151
Total liabilities and shareholders’ equity	€ 199,049	€ 207,863

XML

Interim Condensed Consolidated Statements of Income (Loss) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Profit (loss) [abstract]
Revenue from collaboration and licensing agreements	€ 35,344	€ 41,271
Government financing for research expenditures	4,854	4,319
Revenue and other income	40,198	45,589
Research and development expenses	(31,453)	(24,956)
General and administrative expenses	(9,144)	(12,140)
Operating expenses	(40,597)	(37,096)
Operating income (loss)	(398)	8,494
Financial income	3,083	4,048
Financial expenses	(966)	(6,166)
Net financial income (loss)	2,116	(2,118)
Net income (loss) before tax	1,718	6,376
Income tax expense	0	0
Net income (loss) from continuing operations	1,718	6,376
Net income (loss) from discontinued operations	0	(73)
Net income (loss)	€ 1,718	€ 6,303
Weighted average number of shares, basic (in shares)	80,319,897	79,753,657
Weighted average number of shares, diluted (in shares)	80,319,897	79,753,657
Net income (loss) per share :
Basic income (loss) per share (in EUR per share)	€ 0.02	€ 0.08
Diluted income (loss) per share (in EUR per share)	0.02	0.08
Basic income (loss) per share from continuing operations (in EUR per share)	0.02	0.08
Diluted income (loss) per share from continuing operations (in EUR per share)	0.02	0.08
Basic income (loss) per share from discontinued operations (in EUR per share)	0	0
Diluted income (loss) per share from discontinued operations (in EUR per share)	€ 0	€ 0

XML

Interim Condensed Consolidated Statements of Comprehensive Income (Loss) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Statement of comprehensive income [abstract]
Net income (loss) for the period	€ 1,718	€ 6,303
Items which will not reclassified in the consolidated statement of income (loss)
Actuarial gains and (losses) related to defined benefit obligations	101	471
Elements which will be reclassified in the consolidated statement of income (loss)
Foreign currency translation gain (loss)	146	(670)
Other comprehensive income (loss)	247	(199)
Total comprehensive income (loss)	€ 1,965	€ 6,104

XML

Interim Condensed Consolidated Statements of Cash Flows - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from (used in) operating activities [abstract]
Net income (loss)	€ 1,718	€ 6,303
Reconciliation of the net income (loss) and the cash generated from (used for) the operating activities
Depreciation and amortization, net	3,645	2,030
Employee benefits costs	83	192
Change in provision for charges	507	134
Share-based compensation expense	1,401	2,596
Change in valuation allowance on financial assets	(1,044)	2,255
Gains (losses) on financial assets	288	(1,333)
Change in valuation allowance on financial instruments	(130)	(100)
Gains on assets and other financial assets	0	(25)
Interest paid	0	194
Disposal of property and equipment (scrapping)	591	0
Other profit or loss items with no cash effect	6	(52)
Operating cash flow before change in working capital	7,065	12,194
Change in working capital	(18,530)	(10,976)
Net cash generated from / (used in) operating activities:	(11,465)	1,218
Cash flows from (used in) investing activities [abstract]
Acquisition of property and equipment, net	(309)	(420)
Disposal of other assets	66	0
Purchase of other assets	(3)	(1)
Interest received on financial assets	0	25
Net cash generated from / (used in) investing activities:	(246)	(395)
Cash flows from (used in) financing activities [abstract]
Proceeds from the exercise / subscription of equity instruments	348	192
Repayment of borrowings	(1,594)	(958)
Net interest paid	0	(194)
Net cash generated / (used in) from financing activities:	(1,246)	(960)
Effect of the exchange rate changes	145	(670)
Net increase / (decrease) in cash and cash equivalents:	(12,811)	(807)
Cash and cash equivalents at the beginning of the year:	84,225	103,756
Cash and cash equivalents at the end of the six-months period:	71,414	102,949
Change in working capital
Trade receivables and others (excluding rebates related to capital expenditures)	56,446	61,531
Trade receivables and others (excluding rebates related to capital expenditures), variance	(4,001)	(13,290)
Deferred revenue - current and non-current portion	(11,024)	(17,427)
Deferred revenue - current and non-current portion, variance	(3,457)	(20,486)
Trade payables and others (excluding payables related to capital expenditures)	(16,991)	(18,667)
Trade payables and others (excluding payables related to capital expenditures), variance	(3,920)	(9,905)
Collaboration liabilities - current and non-current portion	(56,058)	(73,121)
Collaboration liabilities - current and non-current portion, variance	(7,153)	32,706
Total change in working capital	(27,627)	(47,684)
Total change in working capital, variance	€ (18,530)	€ (10,976)

XML

Interim Consolidated Statement of Changes in Shareholders’ Equity - EUR (€)	Total	Share capital	Share premium	Retained earnings	Other reserves	Net income (loss)	Ordinary Shares Share capital	Preferred Shares Share capital
Balance at beginning of period (in shares) at Dec. 31, 2021							79,542,627	14,095
Balance at beginning of period at Dec. 31, 2021	€ 107,440,000	€ 3,978,000	€ 375,220,000	€ (219,404,000)	€ 456,000	€ (52,809,000)
Net income (loss)	6,303,000					6,303,000
Actuarial gains on defined benefit obligations	471,000				471,000
Foreign currency translation loss	(670,000)			(28,000)	(642,000)
Total comprehensive income (loss)	6,104,000			(28,000)	(171,000)	6,303,000
Allocation of prior period income (loss)	0			(52,809,000)		52,809,000
Exercise and subscription of equity instruments (in shares)							211,030
Exercise and subscription of equity instruments	191,000	11,000	181,000
Shared-based payment	2,596,000		2,596,000
Balance at end of period (in shares) at Jun. 30, 2022							79,753,657	14,095
Balance at end of period at Jun. 30, 2022	116,333,000	3,988,000	377,998,000	(272,241,000)	284,000	6,303,000
Balance at beginning of period (in shares) at Dec. 31, 2022							80,212,069	14,095
Balance at beginning of period at Dec. 31, 2022	54,151,000	4,011,000	379,637,000	(272,213,000)	819,000	(58,103,000)
Net income (loss)	1,718,000					1,718,000
Actuarial gains on defined benefit obligations	101,000				101,000
Foreign currency translation loss	146,000				146,000
Total comprehensive income (loss)	1,965,000				247,000	1,718,000
Allocation of prior period income (loss)	0			(58,103,000)		58,103,000
Exercise and subscription of equity instruments (in shares)							304,553
Exercise and subscription of equity instruments	348,000	15,228	332,621
Shared-based payment	1,400,000		1,400,000
Balance at end of period (in shares) at Jun. 30, 2023							80,516,622	14,095
Balance at end of period at Jun. 30, 2023	€ 57,863,000	€ 4,026,536	€ 381,371,000	€ (330,315,000)	€ 1,064,000	€ 1,718,000

XML

The Company and key events

6 Months Ended

Jun. 30, 2023

Company Information [Abstract]

The Company and key events

The Company and key eventsThe company

Innate Pharma SA (the “Company” and, with its subsidiary, referred to as the “Group”), is a global, clinical-stage biotechnology company developing immunotherapies for cancer patients. Its innovative approach aims to harness the innate immune system through therapeutic antibodies and its ANKET® (Antibody-based NK cell Engager Therapeutics) proprietary platform. Innate’s portfolio includes lead proprietary program lacutamab, developed in advanced form of cutaneous T cell lymphomas and peripheral T cell lymphomas, monalizumab developed with AstraZeneca in non small cell lung cancer, as well as ANKET® multi-specific NK cell engagers to address multiple tumor types. The Company has developed, internally and through its business development strategy, a broad and diversified portfolio including six clinical drug candidates and a robust preclinical pipeline. Innate has entered into collaborations with leaders in the biopharmaceutical industry, such as AstraZeneca and Sanofi. Innate Pharma believes its drug candidates and clinical development approach are differentiated from current immuno-oncology therapies and have the potential to significantly improve the clinical outcome for patients with cancer.

Since its creation, the Company has suffered losses due to its research and development ("R&D") activities. The first half of 2023 generated a net income of 1,718 thousand euros. As of June 30, 2023, shareholders' equity amounted to 57,863 thousand euros. Subject to receiving new milestone payments related to its collaboration agreements, the Company expects to incur additional losses until, if necessary, it can generate significant revenues from its drug candidates in development.

The Company’s future operations are highly dependent on a combination of factors, including: (i) the success of its R&D; (ii) regulatory approval and market acceptance of the Company’s future drug candidates; (iii) the timely and successful completion of additional financing; and (iv) the development of competitive therapies by other biotechnology and pharmaceutical companies. As a result, the Company is and should continue, in the short to mid-term, to be financed through partnership agreements for the development and commercialization of its drug candidates and through the issuance of new equity instruments.

The activity of the Company is not subject to seasonal effects.

As of June 30, 2023, the Company had one wholly owned subsidiary: Innate Pharma, Inc., incorporated under the laws of Delaware in 2009.

Innate Pharma is based in Marseille, France and listed on Euronext Paris and Nasdaq in the U.S., and had 191 employees as of June 30, 2023.

Key events for the six-month period ended June 30, 2023•On January 25, 2023, the Company announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act with respect to the expansion of its collaboration with Sanofi. As a reminder, On December 19, 2022, the Company announced that it had entered into a research collaboration and license agreement with Genzyme Corporation, a wholly-owned subsidiary of Sanofi (“Sanofi”) pursuant to which the Company granted Sanofi an exclusive license on the Innate Pharma's B7-H3 ANKET® program and options on two additional targets.Once selected, Sanofi will be responsible for all development, manufacturing and marketing. The closing of the transaction was subject to the authorization of the American authorities in accordance with the Hart Scott Rodino Act of 1976. This authorization was obtained on January 24, 2023, the date on which the collaboration was effective. Under the terms of the collaboration and research license

agreement, the Company is eligible from the effective date of the agreement for an initial payment of €25.0 million. This amount was collected by the Company in March 2023.

•On April 3, 2023, the Company announced the signing of an exclusive license agreement with Takeda under which the Company grants Takeda exclusive worldwide rights to research and develop antibody drug conjugates (ADC) using a panel of selected Innate antibodies against an undisclosed target, with a primary focus in Celiac disease. Takeda will be responsible for the future development, manufacture and commercialization of any potential products developed using the licensed antibodies. Under the terms of the license agreement, the Company will receive a $5.0 million upfront payment and is eligible to receive up to $410.0 million in future development, regulatory and commercial milestones if all milestones are achieved during the term of the agreement, plus royalties on potential net sales of any commercial product resulting from the license. The $5.0 million upfront payment was received by the Company on May 15, 2023 for an amount of €4.6 million.

•On April 26, 2023, the Company announced that it has filed a prospectus supplement with the Securities and Exchange Commission (“SEC”) relating to a new At-The-Market (“ATM”) program. Pursuant to this program, the Company may offer and sell to eligible investors a total gross amount of up to $75 million of American Depositary Shares (“ADS”), each ADS representing one ordinary share of Innate, from time to time in sales deemed to be an “at the market offering” pursuant to the terms of a sales agreement with Jefferies LLC (“Jefferies”), acting as sales agent. The timing of any sales will depend on a variety of factors. The ATM program is presently intended to be effective unless terminated in accordance with the sales agreement or the maximum amount of the program has been reached. In connection with the establishment of a new ATM program, the Company has terminated the sales agreement, dated as of May 3, 2022, relating to its previous ATM program, effective as of April 19, 2023. The Company currently intends to use the net proceeds, if any, of sales of ADSs issued under the program to fund the research and development of its drug candidates and for working capital and general corporate purposes.

•On June 26, 2023, the Company announced the first patient was dosing in MATISSE Phase 2 trial conducted by the Company in collaboration with AstraZeneca and evaluating IPH5201 in early stage lung cancer. This event triggered an additionnal payment of €2.0 million due to Orega in line with the agreement signed in 2019. As a reminder, in 2022, the Company received a $5.0 million upfront payment from AstraZeneca following the decision to advance IPH5201 into a phase 2 trial.

•On July 11, 2023, the Company announced that the first patient was dosed, on June 7, 2023, in a Sanofi-sponsored Phase 1/2 clinical trial, evaluating IPH6401/SAR’514 in relapsed or refractory Multiple Myeloma. Under the terms of the license agreement signed in 2016, Sanofi made a milestone payment of €2.0 million fully recognized in revenue as of June 30, 2023. This amount was received by the Company on July 21, 2023.

XML

Basis of presentation and statement of compliance

6 Months Ended

Jun. 30, 2023

Significant Accounting Policies [Abstract]

Basis of presentation and statement of compliance

Basis of presentation and statement of complianceBasis of preparationThe interim condensed consolidated financial statements as of June 30, 2023 and for the six months ended June 30, 2023 and 2022 and the related notes (together, the “interim condensed consolidated financial statements”) have been prepared under the responsibility of the management of the Company in accordance with the

underlying assumptions of going concern as the Company’s loss-making situation is explained by the innovative nature of the products developed, therefore involving a multi-year research and development phase.

The interim condensed consolidated financial statements were closed by the Executive Board, approved and authorized by the Supervisory Board upon recommendation of the Audit Committee on September 13, 2023.

They have been prepared in accordance with IAS 34, ‘Interim Financial Reporting’ as issued by the International Accounting Standard Board (“IASB”). Due to the listing of ordinary shares of the Company on Euronext Paris and in accordance with the European Union’s regulation No. 1606/2002 of July 19, 2002, the interim condensed consolidated financial statements are also prepared in accordance with IFRS, as adopted by the European Union (EU).For the presented periods, the differences between IFRS as issued by IASB and IFRS adopted by EU had no impact on the interim condensed consolidated financial statements.

The general accounting conventions were applied in accordance with the underlying assumptions, namely (i) going concern, (ii) permanence of accounting methods from one year to the next and (iii) independence of financial years, and in conformity with the general rules for the preparation and presentation of consolidated financial statements in accordance with International Financial Reporting Standards (“IFRS”). The interim condensed consolidated financial statements do not include all disclosures required for annual financial statements and should therefore be read in conjunction with the consolidated financial statements as of and for the year ended December 31, 2022.

The results of the operations for the six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023 or for any other interim period or for any year in the future.

Except for number of shares and per share amounts, all amounts are expressed in thousands of euros, unless stated otherwise. Some amounts may be rounded for the calculation of financial information contained in the interim condensed consolidated financial statements. Accordingly, the totals in some tables may not be the exact sum of the preceding figures.

Use of judgments and estimates

The preparation of financial statements in accordance with IFRS requires the Company to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period.

These estimates can be revised where the circumstances on which they are based change. The actual results may therefore differ from the estimates initially formulated. The estimates and judgments which are mainly used by the Company are detailed in note 18.1.1 in paragraph 2.w) of the appendix to the consolidated financial statements as of December 31, 2022 of the Universal Registration Document published on April 6, 2023. Estimates and judgments which impact the condensed consolidated financial statements as of June 30, 2023 are:

•accounting for collaboration and licensing agreements (note 6 and 13);

•estimate of the useful life of the acquired licenses (note 6).

Recently issued accounting standards and interpretations

Application of the following amended standards is mandatory for the first time for the financial period beginning on January 1, 2023 and, as such, they have been adopted by the Company:

•IFRS 17 - Insurance contracts;

•Amendements to IAS 1 : Presentation of Financial Statements;

•Amendements to IAS 8 : Accounting policies, Changes in accounting Estimates and Errors;

•Amendements to IAS 12 : Income taxes.

Those amended standards have no impact on the interim condensed consolidated financial statements.

Translation of transactions denominated in foreign currency

Foreign currency transactions are translated into the presentation currency using the following exchange rates:

	June 30, 2022		December 31, 2022		June 30, 2023
€1 equals to	Average rate	Closing rate	Average rate	Closing rate	Average rate	Closing rate
USD	1.0933	1.0387	1.0530	1.0666	1.0806	1.0866

XML

Management of financial risks	6 Months Ended
	Jun. 30, 2023
Disclosure of nature and extent of risks arising from financial instruments [abstract]
Management of financial risks	Management of financial risksThe Company did not identify other risks than the ones presented in the consolidated financial statements for the year ended December 31, 2022.

XML

Cash, cash equivalents, short-term investments and non-current financial assets

6 Months Ended

Jun. 30, 2023

Subclassifications of assets, liabilities and equities [abstract]

Cash, cash equivalents, short-term investments and non-current financial assets

Cash, cash equivalents, short-term investments and non-current financial assets

(in thousands of euro)	June 30, 2023	December 31, 2022
Cash and cash equivalents	71,414	84,225
Short-term investments	17,475	17,260
Cash, cash equivalents and short-term investments	88,889	101,485
Non-current financial assets	35,790	35,119
Cash, cash equivalents and financial assets	124,679	136,604

Cash and cash equivalents are mainly composed of current bank accounts, interest-bearing accounts and fixed-term accounts.

As of June 30, 2023, the Company also holds six units in “SICAVs” and shares in mutual funds. The risk profiles of these funds are rated from 1 to 7 by the financial institution that manages and markets these funds (1 being the lowest risk profile).When the maturity of shares in mutual funds is longer than one year, they are classified as non-current financial instruments.

Non-current financial assets generally include a guarantee of capital at the maturity date (which is always longer than one year). These instruments are defined by the Company as financial assets at fair value through profit or loss and classified as non-current due to their maturity.

As of June 30, 2023 and December 31, 2022, the amount of cash, cash equivalents and financials assets denominated in US dollars amounted to €29,488 thousand and €34,735 thousand, respectively.

Changes in short-term investments and non-current financial assets for the six months ended June 30, 2022 and 2023 are the following:

(in thousands of euro)	December 31, 2022	Additions (1)	Deductions (2)	Variance of fair value through the consolidated statement of income (loss)	Variation of accrued interests	Foreign currency effect	June 30, 2023
Short-term investments	17,260	—	—	271	232	(288)	17,475
Non-current financial assets	35,119	—	—	772	(102)	—	35,790
Total	52,379	—	—	1,043	130	(288)	53,265

(in thousands of euro)	December 31, 2021	Additions	Deductions	Variance of fair value through the consolidated statement of income (loss)	Variation of accrued interests	Foreign currency effect	June 30, 2022
Short-term investments	16,080	2,935	—	53	—	1,333	20,401
Non-current financial assets	39,878	—	(2,935)	(2,308)	172	—	34,808
Total	55,958	2,935	(2,935)	(2,255)	172	1,333	55,209

(1) The additions correspond to both acquisitions and reclassifications of financial assets according to their maturity at the closing date.

(2) The deductions correspond to both disposals and reclassifications of financial assets according to their maturity at the closing date.

For the six months ended June 30, 2023 , variance of fair value through the consolidated statement of income (loss) is made of €772 thousand of unrealized gains on non-current financial assets and €271 thousand of unrealized gains on short-term investments. For the six months ended June 30, 2022, variance of fair value through the consolidated statement of income (loss) was made of €2,308 thousand of unrealized losses on non-current financial assets and €53 thousand of unrealized gains on short-term investments (see note 16).

XML

Trade receivables and others

6 Months Ended

Jun. 30, 2023

Subclassifications of assets, liabilities and equities [abstract]

Trade receivables and others

Trade receivables and others

(in thousands of euro)	June 30, 2023	December 31, 2022
Other receivables	109	61
Research tax credit(1)	43,936	25,904
Other tax credits	395	361
Prepaid expenses (2)	3,328	4,672
VAT refund	1,717	1,614
Trade account receivables (3)	2,934	3,080
Prepayments made to suppliers	3,146	2,652
Receivables and others	55,566	38,345
Research tax credit(1)	—	13,018
Prepaid expenses (2)	880	1,081
Receivables and others - non-current	880	14,099
Trade receivables and others	56,446	52,445

(1) The Research tax credit is recognized as other operating income in the year to which the eligible research expenditure relates. The amount of €43,936 thousand recognized in current receivables corresponds to the CIR for the 2019, 2020 and 2022 tax year as well as the first half of 2023. Following the fact that the Company no longer met the eligibility criteria for the SME status as of December 31, 2019, the CIR for the 2019 and 2020 tax years represented a non-current receivable which will in principle be offset against the French corporate income tax due by the Company with respect to the three following years, or refunded if necessary upon expiry of such a period. Since December 31, 2020, the Company met again the eligibility criteria for the SME status. As such, it was eligible for the early repayment by the French treasury of the 2021 Research Tax Credit for an amount of €10,302 thousand in 2022 and also the 2022 Research Tax Credit for an amount of €9,167 thousand. These amounts was received by the Company on November 16,2022 and July 21, 2023, respectively. The Company is also eligible for a CIR refund in 2023 in respect to the 2019 tax year for an amount of €16,737 thousand, given the expiry of the three-year period. This amount had not yet been received by the Company as of June 30, 2023. In addition, the Company has also classified as a current receivable the CIR in respect of the 2020 tax year for an amount of €13,018 thousand , which is due to expire on December 31, 2023, and the CIR of the first half of 2023 for an amount of €5,014 thousand which is eligible for an early repayment.

(2) As of June 30,2023, the prepaid expenses includes include an amount of €1,131 thousand relating to the guarantee fees in line with the two State Guaranteed Loans from Société Générale and BNP Paribas. Following the extension of these two loans repayment for an additional period, the full amount of the guarantee fee over the additional five-year period has been recognized as an operating expense in 2022. As of June 30, 2023, an adjustment is made through the prepaid accounts to reflect the fact that the expenses are related to the fiscal year (see note 9).

(3) As of June 30,2023, the amount is mainly comprises of the receivable from Sanofi for an amount of €2,400 thousand pursuant to the collaboration and licensing agreement signed in 2016 and the following the first patient dosing in a Phase 1/2 clinical trial evaluating IPH6401/SAR'514 in June 2023. This amount was received by the Company on July 21, 2023.

The net book value of the receivables is considered to be a reasonable approximation of their estimated fair value. No valuation allowance was recognized on trade receivables and others as the credit risk of each debtor was considered as not significant.

XML

Intangible assets

6 Months Ended

Jun. 30, 2023

Intangible assets other than goodwill [abstract]

Intangible assets

Intangible assets

(in thousands of euro)	Purchased licenses	Other intangible assets	In progress	Total
January 1, 2022	3,161	29	41,000 (1)	44,192
Acquisitions	—	—	—	—
Additional considerations	—	—	—	—
Disposals	—	—	—	—
Amortizations	(940) (3)	—	—	(940)
Transfers	—	—	—	—
June 30, 2022	2,221	29	41,000	43,260
January 1, 2023	1,556	—	—	1,556
Acquisitions	—	—	—	—
Additional considerations	2,000 (2)	—	—	2,000
Disposals	—	—	—	—
Amortizations	(2,651) (3)	—	—	(2,651)
Transfers	—	—	—	—
June 30, 2023	903	—	—	903

(1) Following the Company's decision in December 2022 to stop the development of avdoralimab in bullous pemphigoid ("BP") indication in inflammation, only indication supporting the recoverable amount of the asset as of December 31, 2021 (as well that as of June 30, 2022), the rights relating to the intangible asset have been fully impaired for their net book value on the date of the decision, i.e. €41,000 thousand (see below "Avdoralimab (IPH5401) (anti-C5aR) rights acquired from Novo Nordisk A/S').

(2) This amount corresponds to the additional invoice received from Orega Biotech for the rights relating to IPH5201 following the first patient dosed in the Phase 2 MATISSE clinical trial in June 2023, in accordance to the agreement signed in 2019. This additional invoice is fully amortized as of June 30, 2023 and paid on July 2023.

(3) As of June 30, 2022, this amount included the amortization of rights related to the monalizumab for an amount of €903 thousand. As of June 30, 2023, this amount includes the amortization of the additional payment made to Orega Biotech in 2023 for and amount of €2,000 thousand and the amortization of rights related to the monalizumab for an amount of €651 thousand.

Monalizumab rights under the 2014 monalizumab (NKG2A) Novo Nordisk agreement

Since their acquisition, monalizumab rights are amortized on a straight-line basis over the anticipated residual duration of the Phase II trials. The Company has reassessed the anticipated residual duration of the Phase 2 trials as of June 30, 2023 and estimated that it would be fully amortized by 2023, which is the same estimation as of December 31, 2022, as a result of the completion of some trials and by modifying the estimated end dates relating to certain cohorts.

The net book values of the monalizumab rights were €900 thousand and €1,551 thousand as of June 30, 2023 and December 31, 2022, respectively.

IPH5201 (Anti-CD39) rights acquired from Orega Biotech

On January 4, 2016, the Company and Orega Biotech entered into an exclusive licensing agreement by which Orega Biotech granted the Company full worldwide rights to its program of first-in-class anti-CD39 checkpoint inhibitors.

The undisclosed upfront payment paid by the Company to Orega Biotech has been recognized as an intangible asset in the consolidated financial statements for the year ended December 31, 2016. Criteria relating to the first development milestone were reached in December 2016. Consequently, the amount of this milestone was recognized as an intangible asset in addition to the initial payment, for a total of €1.8 million as of December 31, 2021. In June 2019, the Company also paid Orega Biotech €7.0 million in relation to the anti-CD39 program as consideration following the collaboration and option agreement signed on October 22, 2018 with AstraZeneca regarding IPH5201. Under this agreement, the Company also paid in April and June 2020, respectively €2.5 and €0.2 million to Orega Biotech following the first Phase 1 dosing relating to IPH5201.

This asset was amortized on a straight-line basis since November 1, 2018 (corresponding to the effective beginning date of the collaboration) until the date the Company expected to fulfill its commitment (end of fiscal year 2020). These collaboration commitments have all been fulfilled. Thus, the rights relating to IPH5201 have been fully amortized since December 31, 2020.

As a reminder, Orega Biotech claimed joint ownership of certain patents relating to IPH5201. The Company and Orega Biotech have resolved these claims in an arbitration proceeding, which decision was rendered in December 2021. As a result of this decision, the Company is required to pay a low-teen percentage of sub-licensing revenues received by the Company pursuant to its agreement with AstraZeneca regarding IPH5201. Following this arbitration decision, the Company paid in January 2022 an additional amount of €0.4 million to Orega. This additional payment was fully amortized as of December 31, 2021. The Company announced on June 3, 2022 the progress of IPH5201 towards a study of Phase 2 in lung cancer, of which the Company will be a sponsor. In accordance with the amendment signed on June 1, 2022, the Company was eligible for a milestone payment of $5 million by AstraZeneca, received in August 2022 by the Company. In October 2022, the Company therefore paid an additional €0.6 million to Orega Biotech.

On June 26, 2023, the Company announced the treatment of the first patient in the Phase 2 MATISSE trial, conducted in collaboration with AstraZeneca and evaluating IPH5201 in early-stage lung cancer. As a consequence, the Company made an additional payment of €2.0 million to Orega Biotech in July 2023, in accordance with the agreement signed in 2019.

Avdoralimab (IPH5401) (anti-C5aR) rights acquired from Novo Nordisk A/S

At the agreement inception, an upfront payment of €40 million for acquired rights were recorded as intangible asset. As part of this agreement, an additional amount of €1.0 million was paid in October 2020 to Novo Nordisk A / S following the launch of the first avdoralimab Phase II trial. As avdoralimab is still in clinical trial, the acquired rights are classified as intangible asset in progress. They were subject to annual impairment test. No impairment were recorded since inception. These acquired rights will be amortized when the Company obtains economic benefits.

According to the agreement, the Company will pay additional payments according to the reach of specific steps. As of June 30, 2023, according to the uncertainty of these potential future payments, no liability was recognized.

Development costs incurred by the Company are recognized as research and development expenses.

As a reminder, during 2022 fourth quarter, the Company was informed by the sponsor of the Phase 2 clinical trial evaluating avdoralimab in inflammation in bullous pemphigoid ("BP") indication of its decision to discontinue said trial. Consequently, the Company decided in December 2022 to stop the development of avdoralimab in bullous pemphigoid ("BP") indication in inflammation, only indication supporting the recoverable amount of the asset as of December 31, 2021 (as well that as of June 30, 2022).

Following that decision, the Company applied IAS 36 "Impairment of assets" and assessed that there was an indication of impairment sufficiently significant to result in the full impairment of the intangible asset. This depreciation was recognized with regard to the estimate of the recoverable value of avdoralimab's intangible assets, based on expected future cash flows, as of December 2022, date of the decision. Thus, on decision date to stop the development of avdoralimab in bullous pemphigoid ("BP") indication in inflammation, avdoralimab rights were fully written down to their net book value, i.e €41,000 thousand.

XML

Property and equipment

6 Months Ended

Jun. 30, 2023

Property, plant and equipment [abstract]

Property and equipment

roperty and equipment

(in thousands of euro)	Lands and buildings	Laboratory equipment and other	In progress	Total	Of which finannce leases
January 1, 2022	4,981	5,187	6	10,174	5,342
Acquisitions	14	458	—	472	—
Disposals	—	—	—	—	—
Depreciation	(379)	(711)	—	(1,090)	(534)
Transfers	—	—	—	—	—
June 30, 2022	4,616	4,934	6	9,556	4,808
(in thousands of euro)	Lands and buildings	Laboratory equipment and other	In progress	Total	Of which right of use assets(3)
January 1, 2023	4,242	4,298	—	8,542	6,423
Acquisitions	31	279	—	310	79
Disposals (1)	(513)	(78)	—	(591)	(513)
Depreciation	(323)	(670)	—	(993)	(428)
Transfers	—	—	—	—	—
June 30, 2023	3,437	3,829	—	7,262	5,561

(1) On March 13, 2023, the Company signed an amendment to the lease for the "Le Virage" building, reducing the surface area of the leased premises. The effective date of the lease amendment is March 15, 2023. As a result, and in accordance with IFRS 16, the impact on the consolidated balance sheet at the effective date of the lease amendment is as follows: write-off of a right of use (asset) of €0.5 million and a lease liability of €0.7 million.

XML

Trade payables and others

6 Months Ended

Jun. 30, 2023

Subclassifications of assets, liabilities and equities [abstract]

Trade payables and others

Trade payables and others

(in thousands of euro)	June 30, 2023	December 31, 2022
Suppliers (excluding payables related to capital expenditures)	9,868	13,656
Tax and employee-related payables	5,327	5,978
Other payables (1)	1,380	1,260
Trade payables and others (excluding payables related to capital expenditures)	16,575	20,894
Payables related to capital expenditures (2)	2,416	17
Payables and others	18,991	20,911

(1) As of June 30, 2023, this amount includes mainly the liability related to the payment of the guarantee fees on the two State Guaranteed Loans obtained from Société Générale and BNP Paribas in 2021 (see note 9).

(2) As of June 30, 2023, this amount includes mainly the amount of €2,400 thousand due to Orega Biotech for the rights relating to IPH5201 following the first patient dosed in the Phase 2 MATISSE clinical trial in June 2023, in accordance to the agreement signed in 2019. This amount was fully paid in July 2023.

The book value of trade payables and others is considered to be a reasonable approximation of their fair value.

XML

Financial liabilities

6 Months Ended

Jun. 30, 2023

Subclassifications of assets, liabilities and equities [abstract]

Financial liabilities

Financial liabilities

(in thousands of euro)	December 31, 2022	Proceeds from borrowing	Proceeds from lease liabilities and other non cash effects	Repayments of borrowings/leases liabilities	Exchange rate variation (non cash)	June 30, 2023
State guaranteed loan Société Générale (1)	20,000	—	—	—	—	20,000
State guaranteed loan BNP Paribas (1)	8,700	—	—	—	—	8,700
State guaranteed loans - accrued interest	15	—	—	—	—	15
Lease liabilities – Building "Le Virage" (3)	1,353	—	(736)	(130)	—	487
Lease liabilities – Premises Innate Inc.	345	—	—	(50)	2	297
Lease liabilities – Laboratory equipment	287	—	—	(89)	—	198
Lease liabilities – Vehicles	33	—	48	(13)	—	70
Lease liabilities - Printers	27	—	—	(4)	—	23
Borrowing – Equipment	154	—	—	(27)	—	127
Borrowing – Building (2)	11,338	—	—	(602)	—	10,736
Total	42,252	—	(689)	(916)	2	40,658

(in thousands of euro)	December 31, 2021	Proceeds from borrowing	Proceeds from lease liabilities (non cash)	Repayments of borrowings/leases liabilities	Exchange rate variation (non cash)	June 30, 2022
State guaranteed loan Société Générale (1)	20,000	—	50	—	—	20,050
State guaranteed loan BNP Paribas (1)	8,700	—	22	—	—	8,722
State guaranteed loans - accrued interest	—	—	—	—	—	—
Lease liabilities – Building "Le Virage"	1,875	—	—	(260)	—	1,614
Lease liabilities – Premises Innate Inc.	391	—	45	(44)	5	396
Lease liabilities – Laboratory equipment	464	—	—	(87)	—	376
Lease liabilities – Vehicles	53	—	38	(19)	—	71
Lease liabilities - Printers	35	—	—	(4)	—	31
Borrowing – Equipment	209	—	—	(27)	—	181
Borrowing – Building (2)	12,525	—	—	(591)	—	11,933
Total	44,251	—	155	(1,032)	5	43,374

(1) On January 5, 2022, the Company announced that it had obtained €28.7 million in non-dilutive financing in the form of two State Guaranteed Loans from Société Générale (€20.0 million) and BNP Paribas (€8.7 million). The Company received the funds related to these two loans on December 27 and 30, 2021 respectively. Both loans have an initial maturity of one year with an option to extend to five years usable from August, 2022. They are 90% guaranteed by the French government as part of the package of measures put in place by the French government to support companies during the COVID-19 pandemic. In August 2022, the Company has requested the extension of these two loans repayment for an additional period of five years starting in 2022 and including a one-year grace period. Consequently, the Company has obtained agreements from Société Générale and BNP Paribas. The effective interest rates applied to these contracts during the additional period are 1.56% and 0.95% for Société Générale and BNP Paribas loans, respectively, excluding insurance and guarantee fees, with an amortization exemption for the entire year 2023. During this grace period, the Company will only be liable for the payment of interest and the guarantee fees, with amortization of the two loans starting in 2024 over a period of four years. The state guarantee fees amounts to €877 thousand and €379 thousand for Société Générale and BNP Paribas loans respectively.

(2) On July 3, 2017, the Company borrowed from the Bank “Société Générale” in order to finance the construction of its future headquarters. This loan amounting to a maximum of €15,200 thousand will be raised during the period of the construction in order to pay the supplier payments as they become due. As of December 31, 2018 and 2019, the loan was raised at an amount of €1,300 thousand.

The loan release period was limited to August 30, 2019. On August 30, 2019, the Company drew down the remaining portion of the €15,200 thousand loan granted, for an amount of €13,900 thousand. The reimbursement of the capital has begun in August 30, 2019 and will proceed until August 30, 2031 (12 years). Given the development of its portfolio and in particular the refocusing of its activities on research and development, the Company has for the time being suspended the project to build its new head office on the land acquired in Luminy. In the meantime, the loan will be used to finance several structuring projects (improvement of the information system, development of a commercial platform, development of additional premises rented, etc.). As of June 30, 2023, the remaining capital of the loan amounted to €10,736 thousand. The Company authorized collateral over financial “Société Générale” instruments amounting to €15,200 thousand. The security interest on the pledge financial instruments will be released in accordance with the following schedule: €4,200 thousand in July 2024, €5,000 thousand in August 2027 and €6,000 thousand in August 2031.

This loan bears a fixed interest rate of 2.01%. It is subject to a covenant based on the assumption that the total cash, cash equivalents and current and non-current financial assets are at least equal to principal as of financial year end.

(3) On March 13, 2023, the Company signed an amendment to the lease for the "Le Virage" building, reducing the surface area of the leased premises. The effective date of the lease amendment is March 15, 2023. As a result, and in accordance with IFRS 16, the impact on the consolidated balance sheet at the effective date of the lease amendment is as follows: write-off of a right of use (asset) of €0.5 million and a lease liability of €0.7 million.

The table below shows the schedule for the contractual repayment of financial liabilities (being principal and interest payments) as of June 30, 2023:

(in thousands of euro)	Within 1 year	From 2nd to 5th year included	Over 5 years	Total
State guaranteed loan Société Générale	2,739	18,087	—	20,826
State guaranteed loan BNP Paribas	1,156	7,772	—	8,928
State guaranteed loans - accrued interest	14	—	—	14
Lease liabilities – Building "Le Virage"	255	255	—	509
Lease liabilities – Premises Innate Inc.	96	208	—	304
Lease liabilities – Laboratory equipment	167	32	—	198
Lease liabilities – Vehicles	29	44	—	71
Lease liabilities - Printers	9	13	—	22
Borrowing – Equipment	57	71	—	128
Borrowing – Building	1,427	5,706	4,517	11,649
Total financial liabilities	5,948	32,189	4,517	42,654

XML

Employee benefit

6 Months Ended

Jun. 30, 2023

Disclosure of information about defined benefit plans [abstract]

Employee benefit

Employee benefit

Defined benefit obligation

(in thousands of euro)	June 30, 2023	December 31, 2022
Allowance for retirement defined benefit	2,159	2,184
Allowance for seniority awards	373	366
Defined benefit obligations	2,532	2,550

Amounts recognized in the statement of financial position are determined as follows (in thousand euros):

As of January 1, 2022	2,976
Service cost	427
Interest costs	(62)
Actuarial (gain) / loss	(790)
As of December 31, 2022	2,550
Service cost	100
Interest costs	(17)
Actuarial (gain) / loss	(101)
As of June 30, 2023	2,532

Discount rates used by the Company to evaluate retirement benefits were based on iBoxx Corporate AA. It was 3.60% and 3.75% as of June 30, 2023 and December 31, 2022, respectively.

In addition, the impact of the 2023 pension reform (including the raising of the retirement age) has been recognized as a plan amendment within the meaning of IAS 19, recognized in the income statement and balance sheet with no material impact at June 30, 2023.

XML

Capital

6 Months Ended

Jun. 30, 2023

Share Capital and Share Base Payments [Abstract]

Capital

CapitalShare capital

The Company manages its capital to ensure that the Company will be able to continue as a going concern while maximizing the return to shareholders through the optimization of the debt and equity balance.

As of June 30, 2023, the Company’s share capital amounted to €4,026,536 divided into (i) 80,516,622 ordinary shares, each with a nominal value of €0.05; (ii) 6,514 “2016” preferred shares, each with a nominal value of €0.05, and (iii) 7,581 “2017” preferred shares, each with a nominal value of €0.05, respectively, fully paid up.

Share capital does not include BSAs, BSAAR, AGAs and AGAPs that have been granted to certain investors or natural persons, both employees and non-employees of the Company, but not yet exercised.

On October 21, 2019 and December 30, 2019, the retention period for the “2016 free preferred shares” has ended. The number of ordinary shares to which the conversion of one preferred share entitle has been determined according to the fulfilment of the performance criteria. Holders of “2016” preferred shares” are entitled to vote at our shareholders’ meetings, to dividends and to preferential subscription rights, on the basis of the number of ordinary shares to which they are entitled if they convert their preferred shares.

In April 3, 2021, the retention period for the "2017 free preferred shares" has ended. The number of ordinary shares to which the conversion of one preferred share entitle has been determined according to the fulfillment of the performance criteria. According to these same performance criteria, the Executive Board of April 7, 2021 noted that the "2017 preferred shares" did not give right to any ordinary shares. The “2017 preferred shares” will not be redeemed by the Company and will remain incorporated into the capital, unless subsequently decided by the Executive Board. As the conversion is void, the "2017 preferred shares" no longer give the right to vote at our general meetings, nor to receive dividends.

In the six months ended June 30, 2023, a capital increase of €15,228 occurred as a result of the Executive Board decisions on April 14, 2023 and July 6, 2023, subsequent to (i) the conversion of 47,100 “2012” BSAAR and (ii) the creation of 223,593 ordinary shares following the set-up of a company saving plan for the benefit of the Company’s employees, including 163,293 ordinary shares issued free of charge (top-up) and (iii) the conversion of 33,860 “2013” BSA. These events led to a net capital increase of €15,228 and an increase in share premium of €332,621, broken down as follows: (i) a creation of 47,100 ordinary shares, with a nominal value of €0.05, for an issue price of €2.04, (ii) a creation of 163,293 ordinary shares, with a nominal value of €0.05 and a creation of 60,300 ordinary shares, with a nominal value of €0.05, for an issue price of €2.85 per share, and (iii) a creation of 33,860 ordinary shares, with a nominal value of €0.05, for an issue price of €2.36.

Treasury sharesThe Company held 18,575 of its own shares as of June 30, 2023 and December 31, 2022, respectively.Share based payments

The Company has issued BSAs, BSAARs, AGAs and AGAPs as follows:

Date	Types	Number of warrants issued as of 6/30/2023	Number of warrants void as of 6/30/2023	Number of warrants exercised as of 6/30/2023	Number of warrants outstanding as of 6/30/2023	Maximum number of shares to be issued as of 6/30/2023	Exercise price per share (in €)
Sept. 9, 2011	BSAAR 2011	650,000	25,000	625,000	—	—	2.04
May 27, 2013	BSAAR 2012	146,050	12,250	133,800	—	—	2.04

July 1, 2015	BSAAR 2015	1,050,382	2,720	1,940	1,045,722	1,045,722	7.20
October 21, 2016	AGAP Management 2016-1	2,000	550	250	86,700	59,350	59,350.00
October 21, 2016	AGAP Employees 2016-1	2,486	251	167	2,068	268,840	-
October 21, 2016	AGA Management 2016-1	50,000	—	50,000	—	—	-
December 30, 2016	AGAP Management 2016-2	3,000	—	—	3,000	333,000	-
December 30, 2016	AGA Management 2016-2	250,000	—	250,000	—	—	-
April 3,2018	AGAP Employees 2017-1	5,725	5,725	—	—	—	-
April 3,2018	AGAP Management 2017-1	2,400	2,400	—	—	—	—
April 3,2018	AGA Employees 2017	114,500	4,000	110,500	—	—	—
July 3, 2018	AGA Bonus 2018-1	67,028	469	66,559	—	—	-
November 20, 2018	AGAP Perf Employees 2018-1	327,500	224,375	103,125	—	—	-
November 20, 2018	AGAP Perf Management 2018-1	260,000	150,000	110,000	—	—	-
January 14, 2019	AGA Employees 2018	90,650	5,000	85,650	—	—	-
April 29, 2019	AGA New Members 2017-1	25,000	—	25,000	—	—	-
July 3, 2019	AGA Bonus 2019-1	57,376	—	57,376	—	—	-
July 13, 2020	AGA Bonus 2020-1 & 2	79,861	17,885	61,976	—	—	-
August 5, 2020	AGAP Employees 2020-1	766,650	310,434	—	456,216	456,216	-
August 5, 2020	AGAP Management 2020-1	710,000	60,000	—	650,000	650,000	-
July 22, 2021	AGA Bonus 2021-1	125,748	—	125,748	—	—	-
October 1, 2021	AGAP Employees 2021-1	1,066,600	167,600	—	899,000	899,000	-
October 1, 2021	AGAP Management 2021-1	610,000	90,000	—	520,000	520,000	-
February 12, 2022	AGA "Plan Epargne Entreprise" 2022	138,960	—	138,960	—	—	—
October 3, 2022	AGA Bonus 2022-1	128,061	—	—	128,061	128,061	—
December 12, 2022	AGA Perf Employees 2022-1	1,371,500	81,000	—	1,290,500	1,290,500	—
December 12, 2022	AGA Perf Management 2022-1	550,000	—	—	550,000	550,000	—
April 14, 2023	AGA "Plan Epargne Entreprise" 2023	163,293	—	163,293	—	—	—
July 21, 2020	Stock Options 2020-1	102,000	102,000	—	—	—	-
November 4, 2019	AGAP 2019 Employees 2019	546,700	375,150	171,550	—	—	-
November 4, 2019	AGAP 2019 Management 2019	355,000	207,500	147,500	—	—	-
July 29, 2011	BSA 2011-2	225,000	25,000	200,000	—	—	1.77
July 17, 2013	BSA 2013	237,500	—	225,000	12,500	12,500	2.36
July 16, 2014	BSA 2014	150,000	—	75,000	75,000	75,000	8.65
April 27, 2015	BSA 2015-1	70,000	—	—	70,000	70,000	9.59
July 1, 2015	BSA 2015-2	14,200	—	—	14,200	14,200	14.05
September 20, 2017	BSA 2017	37,000	—	—	37,000	37,000	11.00
December 16, 2022	BSA 2022-1	40,000	31,740	—	8,260	8,260	2.31
	Total as of June 30, 2023	10,592,170	1,901,049	2,928,394	5,762,727	6,514,299

XML

Financial instruments recognized in the statement of financial position and related effect on the income statement

6 Months Ended

Jun. 30, 2023

Disclosure of detailed information about financial instruments [abstract]

Financial instruments recognized in the statement of financial position and related effect on the income statement

Financial instruments recognized in the statement of financial position and related effect on the income statement

The following tables show the carrying amounts and fair values of financial assets and financial liabilities. The tables do not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.

As of June 30, 2023	Book value on the statement of financial position	Fair value through profit and loss (1)	Amortized cost (2)	Fair value
Financial assets
Non-current financial assets	35,790	35,790	—	35,790
Trade receivables and others	56,446	—	56,446	56,446
Short-term investments	17,475	17,475	—	17,475
Cash and cash equivalents	71,414	71,414	—	71,414
Total financial assets	181,125	124,679	56,446	181,125
Financial liabilities
Financial liabilities—non-current portion	35,323	—	35,323	35,323
Financial liabilities—current portion	5,335	—	5,335	5,335
Trade payables and others	18,991	—	18,991	18,991
Total financial liabilities	59,649	—	59,649	59,649

As of December 31, 2022	Book value on the statement of financial position	Fair value through profit and loss (1)	Amortized Cost (2)	Fair value
Financial assets
Non-current financial assets	35,119	35,119	—	35,119
Trade receivables and others	52,445	—	52,445	52,445
Short-term investments	17,260	17,260	—	17,260
Cash and cash equivalents	84,225	84,225	—	84,225
Total financial assets	189,049	136,604	52,445	189,049
Financial liabilities
Financial liabilities—non-current portion	40,149	—	40,149	40,149
Financial liabilities—current portion	2,102	—	2,102	2,102
Trade payables and others	20,911	—	20,911	20,911
Total financial liabilities	63,162	—	63,162	63,162

(1) The fair value of financial assets classified as fair value through profit and loss corresponds to the market value of the assets, which are primarily determined using level 2 measurements.

(2) The book amount of financial assets and liabilities measured at amortized cost was deemed to be a reasonable estimation of fair value.

In accordance with the amendments to IFRS 7, financial instruments are presented in three categories based on a hierarchy of methods used to determine fair value:

Level 1: fair value determined based on quoted prices in active markets for assets or liabilities;

Level 2: fair value determined on the observable database for the asset or liability concerned either directly or indirectly;

Level 3: fair value determined on the basis of evaluation techniques based in whole or in part on unobservable data.

XML

Revenue, government financing for research expenditures and sales

6 Months Ended

Jun. 30, 2023

Disclosure of disaggregation of revenue from contracts with customers [abstract]

Revenue, government financing for research expenditures and sales

Revenue, government financing for research expenditures and salesRevenue from collaboration and licensing agreements

Revenues from collaboration and licensing agreements result from agreements signed with AstraZeneca, Sanofi and Takeda :

(in thousands of euro)	June 30, 2023	June 30, 2022
Proceeds from collaboration and licensing agreements	34,728	41,919
of which monalizumab agreement (AstraZeneca)	9,503	16,440
of which IPH5201 agreement (AstraZeneca)	—	4,826
of which preclinical molecules agreement (AstraZeneca)	—	17,400
of which 2016 Sanofi agreement	2,000	3,000
of which 2022 Sanofi agreement	18,672	—
of which Takeda agreement	4,553	—
of which other agreements	—	252
Invoicing of R&D costs (IPH5201 agreement)	616	(21)
Exchange gains or losses on collaboration agreement	—	(627)
Revenue from collaboration and licensing agreements	35,344	41,271

a) Revenue recognition related to monalizumab AZ agreements and amendments

Change in deferred revenue relating to monalizumab agreement:

(in thousands of euro)	Total
As of December 31, 2021	20,159
Increase in deffered revenu resulting from the $50m milestone relating to the dosage of the first patent in the Phase 3 trial PACIFIC-9 (1)	47,687
Revenue for the six months ended June 30, 2022	(16,440)
Transfer from / (to) collaboration liabilities	(34,094)
As of June 30, 2022	17,312
As of December 31, 2022	14,481
Revenue for the six months ended June 30, 2023	(9,503)
Transfer from / (to) collaboration liabilities	(283)
As of June 30, 2023	4,696

(1) As a reminder, the increase in deferred revenue relating to monalizumab agreement between December 31, 2021 and June 30, 2022 is explained by the additional payment of €47,687 thousand ($50,000 thousand) made by AstraZeneca in June 2022 and triggered by the launch of the “PACIFIC-9” Phase 3 trial on April 28, 2022. This increase has led to a simultaneous increase in collaboration commitment ("collaboration liability"- see below) of

€34,335 thousand ($36,000 thousand) in accordance with the Company’s July 2019 option concerning the co-financing of Phase 3 trials in the field of collaboration.

Change in collaboration liabilities relating to monalizumab agreement:

(in thousands of euro)	Total
As of December 31, 2021	40,415
Additions (1)	38,568
Deductions	(5,862)
As of June 30, 2022	73,121
As of December 31, 2022	63,211
Additions	283
Deductions	(7,436)
As of June 30, 2023	56,058

(1) As a reminder, the increase in collaboration liabilities relating to monalizumab agreement between December 31, 2021 and June 30, 2022 mainly results from (i) a €34,335 thousand ($36,000 thousand) increase in collaboration commitments in connection with the launch of the “PACIFIC-9” Phase 3 trial on April 28, 2022, and (ii) a €3,700 thousand increase in the collaboration commitments in connection with exchange rate fluctuations over the period.

b) Revenue recognition related to IPH5201 AstraZeneca collaboration and option agreement

Revenue related to IPH5201 for the six months ended June 30, 2023 are nil as compared to a €4,826 thousand revenue for the six months ended June 30, 2022 which resulted from the entire recognition in revenue of the $5.0 million milestone payment received from AstraZeneca following the signature on June 1, 2022 of an amendment to the initial contract signed in October 2018. As a reminder, this amendment set the terms of the collaboration following AstraZeneca’s decision to advance IPH5201 to a Phase 2 study. The Company will conduct the study. Both parties will share the external cost related to the study and incurred by the Company and AstraZeneca will provide products necessary to conduct the clinical trial.

c) Revenue related to IPH6401 - Sanofi

Revenue related to IPH6401 under the collaboration and license agreement signed with Sanofi is €2,000 thousand for the six months ended June 30, 2023, as compared to a revenue of €3,000 thousand as of June 30, 2022. The Company announced that, in June 2023, the first patient was dosed in a Sanofi-sponsored Phase 1/2 clinical trial evaluating IPH6401/SAR'514 in relapsed or refractory Multiple Myeloma. Under the terms of the licensing agreement signed in 2016, Sanofi made a milestone payment of €2.0 million, fully recognized in revenue as of June 30, 2023. This amount was received by the Company on July 21, 2023.

d) Revenue related to Sanofi research collaboration and licensing agreement (2022)

On January 25, 2023, the Company announced the expiration of the waiting period under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act of 1976 and the effectiveness of the licensing agreement as of January 24, 2023. Consequently, under the terms of such agreement, the Company received an upfront payment of €25.0 million in March 2023, including €18.5 million for the exclusive license, €1.5 million for the research work and €5.0 million for the two additional targets options. The Company considers that the license to the B7-H3 technology is a right to

use the intellectual property granted exclusively to Sanofi from the effective date of the agreement. As such, the €18.5 million upfront payment relating to the exclusive license has been fully recognized in revenue as of June 30, 2023.

Change in deferred revenue relating to the 2022 research collaboration and licensing agreement :

(in thousands of euro)	Total
As of December 31, 2022	—
Additions (1)	6,500
Deductions	(172)
As of June 30, 2023	6,328

(1) The increase in deferred revenue relating to the 2022 research collaboration and licensing agreement with Sanofi between December 31, 2022 and June 30, 2023 mainly comprises (i) an upfront payment of €5,000 thousand relating to the granting of two options for exclusive licenses on Innate's intellectual property for the research, development, manufacturing and commercialization of NKCEs specifically targeting two preclinical molecules. The Company will recognize the related revenues either at the reporting date or three years after the effective date; as well as (ii) an amount of €1,400 thousand relating to research services provided in collaboration with Sanofi. The Company will recognize the related revenues on a straight-line basis over the duration of the research work to which the Company has agreed corresponding to three years.

e) Schedule of variance of deferred revenue

(in thousands of euro)	As of December 31, 2022	Recognition in P&L	Proceeds	Transfer from / (to) collaboration liabilities	As of June 30, 2023
Monalizumab	14,481	(9,503)	—	(283)	4,696
Sapphire (Sanofi options)	—	—	5,000	—	5,000
Sapphire (Sanofi services)	—	(172)	1,500	—	1,328
Total	14,481	(9,675)	6,500	(283)	11,024

(in thousands of euro)	As of December 31, 2021	Recognition in P&L	Proceeds	Transfer from / (to) collaboration liabilities	As of June 30, 2022
Monalizumab	20,159	(16,440)	47,687	(34,094)	17,312
Preclinical molecules	17,400	(17,400)	—	—	—
Others	353	(235)	—	—	117
Total	37,912	(34,075)	47,687	(34,094)	17,427

Government financing for research expenditures

The Company receives grants from the European Commission, French government and state organizations in several different forms:

•Research Tax Credits; and

• Investment and operating grants.

As of June 30, 2023 and 2022, an estimate of the research tax credit amount for the first half period is calculated on the basis of eligible expenses over the period.

The total amount for government financing for research expenditures recorded as other income in the income statement can be analysed as follows:

(in thousands of euro)	June 30, 2023	June 30, 2022
Research tax credit	4,854 (1)	4,270
Grant	0	49
Government financing for research expenditures	4,854	4,319

XML

Operating expenses

6 Months Ended

Jun. 30, 2023

Analysis of income and expense [abstract]

Operating expenses

Operating expenses

(in thousands of euro)	June 30, 2023			June 30, 2022
	R&D	G&A	Total	R&D	G&A	Total
Subcontracting costs(1)	(15,857)	—	(15,857)	(10,727)	—	(10,727)
Cost of supplies and consumable materials	(1,410)	(100)	(1,510)	(1,663)	(285)	(1,948)
Personnel expenses other than share-based compensation	(7,781)	(3,871)	(11,652)	(7,447)	(4,448)	(11,895)
Share-based compensation	(905)	(496)	(1,401)	(1,275)	(1,321)	(2,596)
Personnel expenses	(8,686)	(4,367)	(13,053)	(8,722)	(5,769)	(14,491)
Non-scientific advisory and consulting(2)	(532)	(1,662)	(2,194)	(752)	(2,242)	(2,994)
Leasing and maintenance	(470)	(445)	(915)	(97)	(961)	(1,058)
Travel expenses and meeting attendance	(180)	(143)	(323)	(245)	(109)	(354)
Marketing, communication and public relations	(34)	(142)	(176)	(84)	(375)	(459)
Scientific advisory and consulting(3)	(561)	—	(561)	(360)	—	(360)
Other purchases and external expenses	(13)	(1,153)	(1,166)	(9)	(1,123)	(1,132)
Depreciation and amortization	(3,044)	(601)	(3,645)	(1,274)	(768)	(2,042)
Intellectual property expenses	(570)	(68)	(638)	(492)	(176)	(668)
Other income and (expenses), net	(98)	(464)	(562)	(531)	(332)	(863)
Total operating expenses	(31,453)	(9,144)	(40,597)	(24,956)	(12,140)	(37,096)

(1)The Company subcontracts a significant part of its pre-clinical (pharmaceutical development, tolerance studies and other model experiments, etc.) and clinical operations (coordination of trials, hospital costs, etc.) to third parties.

(2)Non-scientific advisory and consulting are services performed to support the general and administration activities of the Company, such as legal, accounting and audit fees as well as business development support.

(3)Scientific advisory and consulting expenses relate to consulting services performed by third parties to support the research and development activities of the Company.

Personnel expenses other than share-based compensationThe line item amounted to €11,652 thousand and €11,895 thousand for the six months ended June 30, 2023 and 2022 respectively. The Company had 191 employees as of June 30, 2023, compared to 213 at June 30, 2022.Depreciation and amortization As of June 30, 2023, this amount includes the amortization of the additional payment made to Orega Biotech in 2023 for and amount of €2,000 thousand and the amortization of rights related to the monalizumab for an amount of €651 thousand. As of June 30, 2022, this amount included the amortization of rights related to the monalizumab for an amount of €903 thousand. (see Note 6).Cost of suppliers and consumable materialsCost of supplies and consumable materials consists mainly of the cost of procurement of the Company’s drug substance and/or drug product that is manufactured by third-parties, respectively.

XML

Net financial income / (loss)

6 Months Ended

Jun. 30, 2023

Analysis of income and expense [abstract]

Net financial income / (loss)

Net financial income / (loss)

Net financial income (loss) can be analyzed as follows :

(in thousands of euro)	June 30, 2023	June 30, 2022
Interests on financial assets	965	198
Change in valuation allowance on financial instruments	1,044	53
Foreign exchange gains	1,073	3,797
Other financial income	—	—
Financial income	3,083	4,048
Foreign exchange losses	(642)	(3,663)
Unrealized losses on financial assets	—	(2,309)
Interest on financial liabilities	(324)	(194)
Other financial expenses	—	—
Financial expenses	(966)	(6,166)
Net financial income (loss)	2,116	(2,118)

For the six months ended June 30, 2023 and 2022, the foreign exchange gains and losses mainly result from the variance of the exchange rate between the Euro and the US dollar on US dollars denominated cash and cash equivalent and financial assets accounts.

Unrealized losses on financial assets relate to unquoted instruments, the fair value of which is determined using level 2 measurements.

XML

Income tax / (expense)

6 Months Ended

Jun. 30, 2023

Income taxes paid (refund) [abstract]

Income tax / (expense)

Income tax / (expense)Due to the Company’s early stage of development, it is not probable that future taxable profit will be available against which the unused tax losses can be utilized. As a consequence, deferred tax assets are recognized up to deferred tax liabilities. The main temporary differences are related to the application of the IFRS 15 standard for

fiscal years beginning on or after January 1, 2018, finance leases, provisions for pension commitments and tax loss carryforwards.

The Company did not recognize a current tax expense as of June 30, 2023 regarding a projected tax rate of nil as of December 31, 2023. As of June 30, 2023, the accumulated tax losses carryforwards of Innate Pharma SA were €466,153 thousand with no expiration date (same amount as of December 31, 2022). As of June 30, 2023, the accumulated tax losses carryforwards of Innate Pharma Inc was €15,419 thousand or $16,446 thousand (same amount as of December 31, 2022).

XML

Discontinued Operations

6 Months Ended

Jun. 30, 2023

Discontinued Operations [Abstract]

Discontinued Operations

Discontinued Operations

As a reminder, a Termination and Transition Agreement was negotiated and executed, effective as of June 30, 2021 further to the Company's decision to return the rights of Lumoxiti back to AstraZeneca. Consecutively, activities related to Lumoxiti are presented as discontinued operations since October 1, 2021.

Thus, the net income from discontinued operations related to Lumoxiti are nil compared to a net loss of €0.1 million for the first half of 2022 corresponding to residual costs associated with the transfer of activities to AstraZeneca. This transfer has now been completed.

a) Financial Performance

(in thousands of euro)	June 30, 2023	June 30, 2022
Revenue and other income
Revenue from collaboration and licensing agreements	—	—
Sales	—	42
Total revenue and other income	—	42
Operating expenses
Research and development expenses	—	(11)
Selling, general and administrative expenses	—	(104)
Impairment of intangible assets	—	—
Total operating expenses	—	(115)
Net income (loss) from distribution agreements	—	—
Operating income (loss)	—	(73)
Financial income	—	—
Financial expenses	—	—
Net financial income (loss)	—	—
Net income (loss) before tax	—	(73)
Income tax expense	—	—
Net income (loss) from discontinued operations	—	(73)

b) Cash-Flows

(in thousands of euro)	June 30, 2023	June 30, 2022
Net cash generated from / (used in) operating activities	—	(5,539)
Net cash generated from / (used in) investing activities	—	—
Net cash generated from / (used in) financing activities	—	—
Net cash flows from discontinued operations	—	(5,539)

XML

Commitments, contingencies and litigation

6 Months Ended

Jun. 30, 2023

Commitments, Contingencies And Litigations [Abstract]

Commitments, contingencies and litigation

Commitments, contingencies and litigationCommitments

The Company has identified the following changes in off-balance sheet commitments since December 31, 2022:

•non-cancellable purchase commitments as of June 30, 2023 for a total of €3,598 thousand with various CMOs.These commitments are comprised of non-cancellable purchase orders placed during the first half of 2023 with contract manufacturing organizations (CMOs) for the supply of various services in relation with preclinical work for an amount of €783 thousand and clinical work for an amount of €2,815 thousand. The execution and billing of these services has not yet started at the date of this report.

Contingencies and litigationsThe Company is exposed to contingent liabilities happening in the ordinary course of its activities. Each pre-litigation, known litigation or procedure in course the Company is involved in is analyzed at each closing date after consultation of legal counsel. There is no acknowledged litigation as of June 30, 2023.Provisions

Provisions amounted to €2,247 thousand and €1,740 thousand as of June 30, 2023 and December 31, 2022, respectively. As of June 30, 2023, they mainly consist of (i) a provision amounting €1,430 thousand in connection with the tax inspection carried out in 2022 and (ii) provision for charges amounting €689 thousand relating to the employer contribution in respect of the grants of employee equity instruments.

Regarding the tax inspection, as of June 30, 2023, the Company reassessed the impact on research tax credit claims relating to expenses incurred in the years under review. Consequently, the provision has been adjusted to €1,430 thousand compared to €1,270 thousand as of December 31, 2022. The procedure is still ongoing at the date of this report.

Moreover, in accordance with IFRS 2, when a Company decides to provide its employees with shares bought back on the market, a provision has to be recognized upon the decision to allocate free shares that are spread over the vesting period when the plan conditions actions for employees when they join the Company at the end of the plan.

XML

Related party transactions

6 Months Ended

Jun. 30, 2023

Related party transactions [abstract]

Related party transactions

Related party transactions

Members of the Executive Board and Other Executive Members

For each of the period presented, the following compensation was granted to the members of the Executive Committee of the Company and were recognized as expense:

(in thousands of euro)	June 30, 2023	June 30, 2022
Personnel and other short-term employee benefits	1,386	1,205
Extra pension benefits	11	11
Share-based compensation	408	891
Advisory fees	318	—
Executive Board Members and other Executive Members compensation	2,123	2,107

Personnel and other short-term employee benefits correspond to amounts included in personnel expenses for the six-month periods ended June 30, 2023 and 2022 respectively.

Claire de Saint-Blanquat,Vice President, Legal and Corporate and Secretary of the Supervisory Board and Henry Wheeler, Vice President, Investor Relations and Communication was appointed to the executive committee in January 2023.

Members of the Supervisory Board

The Company recognized a provision of €176 thousand for attendance fees (jetons de presence) relating to the six months ended June 30, 2023. This amount includes the compensation for the Chairman of the Supervisory Board.

Related parties

Novo Nordisk A/S is a shareholder, Supervisory Board member and is related to the Company by three licensing agreements related to the drug candidates lirilumab, monalizumab and avdoralimab. Under the terms of the agreements, Novo Nordisk A/S is eligible to receive milestone payments as well as royalties on future sales. As of June 30, 2023, the Company has no liability to Novo Nordisk A/S.

AstraZeneca is a shareholder and is related to the Company through several collaboration and option licensing or license agreements for different drug candidates (monalizumab, avdoralimab and IPH5201). The payments between the two companies as well as the liabilities and receivables as of June 30, 2023 are as follows:

	As of June 30,2023
(in thousands of euro)	Payments	Assets/Liabilities
Collection (AstraZeneca to the Company) / Receivables	3,281	863
Payments (the Company to AstraZeneca) / Liabilities	(8,139)	(2,587)
Total	(4,858)	(1,724)

Subsidiaries

The business relationships between the Company and its subsidiary are governed by intra-group and commercial agreements, concluded at market standard conditions on an arm’s length basis.

XML

Income / (loss) per share

6 Months Ended

Jun. 30, 2023

Income (Loss) Per Share [Abstract]

Income / (loss) per share

Income / (loss) per share Basic income / (loss) per shareBasic income / (loss) per share are calculated by dividing the net earnings attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the period.

	June 30, 2023	June 30, 2022
Net income/(loss)	1,718	6,303
Weighted average number of ordinary shares in circulation	80,319,897	79,753,657
Basic income/(loss) per share (€ per share)	0.02	0.08

Diluted income / (loss) per share

Diluted income (loss) per share is calculated by dividing the net income (loss) attributable to equity holders of the Company by the weighted average number of ordinary shares in circulation during the corresponding period, increased by all dilutive potential common shares.

In thousands of euro, except for data share	June 30, 2023	June 30, 2022
Net income/(loss) for the period	1,718	6,303
Weighted average number of ordinary shares in circulation	80,319,897	79,753,657
Adjustment for share instruments	3,461,439	2,132,098
Diluted income/(loss) per share (€ per share)	0.02	0.08

XML

Events after the reporting date	6 Months Ended
	Jun. 30, 2023
Disclosure of non-adjusting events after reporting period [abstract]
Events after the reporting date	Events after the reporting dateNone.

XML

Basis of presentation and statement of compliance (Policies)

6 Months Ended

Jun. 30, 2023

Significant Accounting Policies [Abstract]

Basis of preparation

Basis of preparationThe interim condensed consolidated financial statements as of June 30, 2023 and for the six months ended June 30, 2023 and 2022 and the related notes (together, the “interim condensed consolidated financial statements”) have been prepared under the responsibility of the management of the Company in accordance with the

underlying assumptions of going concern as the Company’s loss-making situation is explained by the innovative nature of the products developed, therefore involving a multi-year research and development phase.

The interim condensed consolidated financial statements were closed by the Executive Board, approved and authorized by the Supervisory Board upon recommendation of the Audit Committee on September 13, 2023.

They have been prepared in accordance with IAS 34, ‘Interim Financial Reporting’ as issued by the International Accounting Standard Board (“IASB”). Due to the listing of ordinary shares of the Company on Euronext Paris and in accordance with the European Union’s regulation No. 1606/2002 of July 19, 2002, the interim condensed consolidated financial statements are also prepared in accordance with IFRS, as adopted by the European Union (EU).For the presented periods, the differences between IFRS as issued by IASB and IFRS adopted by EU had no impact on the interim condensed consolidated financial statements.

The general accounting conventions were applied in accordance with the underlying assumptions, namely (i) going concern, (ii) permanence of accounting methods from one year to the next and (iii) independence of financial years, and in conformity with the general rules for the preparation and presentation of consolidated financial statements in accordance with International Financial Reporting Standards (“IFRS”). The interim condensed consolidated financial statements do not include all disclosures required for annual financial statements and should therefore be read in conjunction with the consolidated financial statements as of and for the year ended December 31, 2022.

The results of the operations for the six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023 or for any other interim period or for any year in the future.

Except for number of shares and per share amounts, all amounts are expressed in thousands of euros, unless stated otherwise. Some amounts may be rounded for the calculation of financial information contained in the interim condensed consolidated financial statements. Accordingly, the totals in some tables may not be the exact sum of the preceding figures.

Use of judgments and estimates

Use of judgments and estimates

The preparation of financial statements in accordance with IFRS requires the Company to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period.

These estimates can be revised where the circumstances on which they are based change. The actual results may therefore differ from the estimates initially formulated. The estimates and judgments which are mainly used by the Company are detailed in note 18.1.1 in paragraph 2.w) of the appendix to the consolidated financial statements as of December 31, 2022 of the Universal Registration Document published on April 6, 2023. Estimates and judgments which impact the condensed consolidated financial statements as of June 30, 2023 are:

•accounting for collaboration and licensing agreements (note 6 and 13);

•estimate of the useful life of the acquired licenses (note 6).

Recently issued accounting standards and interpretations

Recently issued accounting standards and interpretations

Application of the following amended standards is mandatory for the first time for the financial period beginning on January 1, 2023 and, as such, they have been adopted by the Company:

•IFRS 17 - Insurance contracts;

•Amendements to IAS 1 : Presentation of Financial Statements;

•Amendements to IAS 8 : Accounting policies, Changes in accounting Estimates and Errors;

•Amendements to IAS 12 : Income taxes.

Those amended standards have no impact on the interim condensed consolidated financial statements.

Translation of transactions denominated in foreign currency

Translation of transactions denominated in foreign currency

Foreign currency transactions are translated into the presentation currency using the following exchange rates:

	June 30, 2022		December 31, 2022		June 30, 2023
€1 equals to	Average rate	Closing rate	Average rate	Closing rate	Average rate	Closing rate
USD	1.0933	1.0387	1.0530	1.0666	1.0806	1.0866

XML

Basis of presentation and statement of compliance (Tables)

6 Months Ended

Jun. 30, 2023

Significant Accounting Policies [Abstract]

Disclosure of effect of changes in foreign exchange rates

Foreign currency transactions are translated into the presentation currency using the following exchange rates:

	June 30, 2022		December 31, 2022		June 30, 2023
€1 equals to	Average rate	Closing rate	Average rate	Closing rate	Average rate	Closing rate
USD	1.0933	1.0387	1.0530	1.0666	1.0806	1.0866

XML

Cash, cash equivalents, short-term investments and non-current financial assets (Tables)

6 Months Ended

Jun. 30, 2023

Subclassifications of assets, liabilities and equities [abstract]

Disclosure of cash, cash equivalents and financial assets

(in thousands of euro)	June 30, 2023	December 31, 2022
Cash and cash equivalents	71,414	84,225
Short-term investments	17,475	17,260
Cash, cash equivalents and short-term investments	88,889	101,485
Non-current financial assets	35,790	35,119
Cash, cash equivalents and financial assets	124,679	136,604

Disclosure of reconciliation of changes in short-term investments and non-current financial assets

Changes in short-term investments and non-current financial assets for the six months ended June 30, 2022 and 2023 are the following:

(in thousands of euro)	December 31, 2022	Additions (1)	Deductions (2)	Variance of fair value through the consolidated statement of income (loss)	Variation of accrued interests	Foreign currency effect	June 30, 2023
Short-term investments	17,260	—	—	271	232	(288)	17,475
Non-current financial assets	35,119	—	—	772	(102)	—	35,790
Total	52,379	—	—	1,043	130	(288)	53,265

(in thousands of euro)	December 31, 2021	Additions	Deductions	Variance of fair value through the consolidated statement of income (loss)	Variation of accrued interests	Foreign currency effect	June 30, 2022
Short-term investments	16,080	2,935	—	53	—	1,333	20,401
Non-current financial assets	39,878	—	(2,935)	(2,308)	172	—	34,808
Total	55,958	2,935	(2,935)	(2,255)	172	1,333	55,209

(1) The additions correspond to both acquisitions and reclassifications of financial assets according to their maturity at the closing date.

(2) The deductions correspond to both disposals and reclassifications of financial assets according to their maturity at the closing date.

XML

Trade receivables and others (Tables)

6 Months Ended

Jun. 30, 2023

Subclassifications of assets, liabilities and equities [abstract]

Disclosure of trade receivables and others

(in thousands of euro)	June 30, 2023	December 31, 2022
Other receivables	109	61
Research tax credit(1)	43,936	25,904
Other tax credits	395	361
Prepaid expenses (2)	3,328	4,672
VAT refund	1,717	1,614
Trade account receivables (3)	2,934	3,080
Prepayments made to suppliers	3,146	2,652
Receivables and others	55,566	38,345
Research tax credit(1)	—	13,018
Prepaid expenses (2)	880	1,081
Receivables and others - non-current	880	14,099
Trade receivables and others	56,446	52,445

(1) The Research tax credit is recognized as other operating income in the year to which the eligible research expenditure relates. The amount of €43,936 thousand recognized in current receivables corresponds to the CIR for the 2019, 2020 and 2022 tax year as well as the first half of 2023. Following the fact that the Company no longer met the eligibility criteria for the SME status as of December 31, 2019, the CIR for the 2019 and 2020 tax years represented a non-current receivable which will in principle be offset against the French corporate income tax due by the Company with respect to the three following years, or refunded if necessary upon expiry of such a period. Since December 31, 2020, the Company met again the eligibility criteria for the SME status. As such, it was eligible for the early repayment by the French treasury of the 2021 Research Tax Credit for an amount of €10,302 thousand in 2022 and also the 2022 Research Tax Credit for an amount of €9,167 thousand. These amounts was received by the Company on November 16,2022 and July 21, 2023, respectively. The Company is also eligible for a CIR refund in 2023 in respect to the 2019 tax year for an amount of €16,737 thousand, given the expiry of the three-year period. This amount had not yet been received by the Company as of June 30, 2023. In addition, the Company has also classified as a current receivable the CIR in respect of the 2020 tax year for an amount of €13,018 thousand , which is due to expire on December 31, 2023, and the CIR of the first half of 2023 for an amount of €5,014 thousand which is eligible for an early repayment.

(2) As of June 30,2023, the prepaid expenses includes include an amount of €1,131 thousand relating to the guarantee fees in line with the two State Guaranteed Loans from Société Générale and BNP Paribas. Following the extension of these two loans repayment for an additional period, the full amount of the guarantee fee over the additional five-year period has been recognized as an operating expense in 2022. As of June 30, 2023, an adjustment is made through the prepaid accounts to reflect the fact that the expenses are related to the fiscal year (see note 9).

(3) As of June 30,2023, the amount is mainly comprises of the receivable from Sanofi for an amount of €2,400 thousand pursuant to the collaboration and licensing agreement signed in 2016 and the following the first patient dosing in a Phase 1/2 clinical trial evaluating IPH6401/SAR'514 in June 2023. This amount was received by the Company on July 21, 2023.

XML

Intangible assets (Tables)

6 Months Ended

Jun. 30, 2023

Intangible assets other than goodwill [abstract]

Disclosure of detailed information about intangible assets

(in thousands of euro)	Purchased licenses	Other intangible assets	In progress	Total
January 1, 2022	3,161	29	41,000 (1)	44,192
Acquisitions	—	—	—	—
Additional considerations	—	—	—	—
Disposals	—	—	—	—
Amortizations	(940) (3)	—	—	(940)
Transfers	—	—	—	—
June 30, 2022	2,221	29	41,000	43,260
January 1, 2023	1,556	—	—	1,556
Acquisitions	—	—	—	—
Additional considerations	2,000 (2)	—	—	2,000
Disposals	—	—	—	—
Amortizations	(2,651) (3)	—	—	(2,651)
Transfers	—	—	—	—
June 30, 2023	903	—	—	903

(1) Following the Company's decision in December 2022 to stop the development of avdoralimab in bullous pemphigoid ("BP") indication in inflammation, only indication supporting the recoverable amount of the asset as of December 31, 2021 (as well that as of June 30, 2022), the rights relating to the intangible asset have been fully impaired for their net book value on the date of the decision, i.e. €41,000 thousand (see below "Avdoralimab (IPH5401) (anti-C5aR) rights acquired from Novo Nordisk A/S').

(2) This amount corresponds to the additional invoice received from Orega Biotech for the rights relating to IPH5201 following the first patient dosed in the Phase 2 MATISSE clinical trial in June 2023, in accordance to the agreement signed in 2019. This additional invoice is fully amortized as of June 30, 2023 and paid on July 2023.

(3) As of June 30, 2022, this amount included the amortization of rights related to the monalizumab for an amount of €903 thousand. As of June 30, 2023, this amount includes the amortization of the additional payment made to Orega Biotech in 2023 for and amount of €2,000 thousand and the amortization of rights related to the monalizumab for an amount of €651 thousand.

XML

Property and equipment (Tables)

6 Months Ended

Jun. 30, 2023

Property, plant and equipment [abstract]

Disclosure of detailed information about property, plant and equipment

(in thousands of euro)	Lands and buildings	Laboratory equipment and other	In progress	Total	Of which finannce leases
January 1, 2022	4,981	5,187	6	10,174	5,342
Acquisitions	14	458	—	472	—
Disposals	—	—	—	—	—
Depreciation	(379)	(711)	—	(1,090)	(534)
Transfers	—	—	—	—	—
June 30, 2022	4,616	4,934	6	9,556	4,808
(in thousands of euro)	Lands and buildings	Laboratory equipment and other	In progress	Total	Of which right of use assets(3)
January 1, 2023	4,242	4,298	—	8,542	6,423
Acquisitions	31	279	—	310	79
Disposals (1)	(513)	(78)	—	(591)	(513)
Depreciation	(323)	(670)	—	(993)	(428)
Transfers	—	—	—	—	—
June 30, 2023	3,437	3,829	—	7,262	5,561

(1) On March 13, 2023, the Company signed an amendment to the lease for the "Le Virage" building, reducing the surface area of the leased premises. The effective date of the lease amendment is March 15, 2023. As a result, and in accordance with IFRS 16, the impact on the consolidated balance sheet at the effective date of the lease amendment is as follows: write-off of a right of use (asset) of €0.5 million and a lease liability of €0.7 million.

XML

Trade payables and others (Tables)

6 Months Ended

Jun. 30, 2023

Subclassifications of assets, liabilities and equities [abstract]

Disclosure of trade payables and others

(in thousands of euro)	June 30, 2023	December 31, 2022
Suppliers (excluding payables related to capital expenditures)	9,868	13,656
Tax and employee-related payables	5,327	5,978
Other payables (1)	1,380	1,260
Trade payables and others (excluding payables related to capital expenditures)	16,575	20,894
Payables related to capital expenditures (2)	2,416	17
Payables and others	18,991	20,911

(1) As of June 30, 2023, this amount includes mainly the liability related to the payment of the guarantee fees on the two State Guaranteed Loans obtained from Société Générale and BNP Paribas in 2021 (see note 9).(2) As of June 30, 2023, this amount includes mainly the amount of €2,400 thousand due to Orega Biotech for the rights relating to IPH5201 following the first patient dosed in the Phase 2 MATISSE clinical trial in June 2023, in accordance to the agreement signed in 2019. This amount was fully paid in July 2023.

XML

Financial liabilities (Tables)

6 Months Ended

Jun. 30, 2023

Subclassifications of assets, liabilities and equities [abstract]

Disclosure of financial liabilities per maturity

(in thousands of euro)	December 31, 2022	Proceeds from borrowing	Proceeds from lease liabilities and other non cash effects	Repayments of borrowings/leases liabilities	Exchange rate variation (non cash)	June 30, 2023
State guaranteed loan Société Générale (1)	20,000	—	—	—	—	20,000
State guaranteed loan BNP Paribas (1)	8,700	—	—	—	—	8,700
State guaranteed loans - accrued interest	15	—	—	—	—	15
Lease liabilities – Building "Le Virage" (3)	1,353	—	(736)	(130)	—	487
Lease liabilities – Premises Innate Inc.	345	—	—	(50)	2	297
Lease liabilities – Laboratory equipment	287	—	—	(89)	—	198
Lease liabilities – Vehicles	33	—	48	(13)	—	70
Lease liabilities - Printers	27	—	—	(4)	—	23
Borrowing – Equipment	154	—	—	(27)	—	127
Borrowing – Building (2)	11,338	—	—	(602)	—	10,736
Total	42,252	—	(689)	(916)	2	40,658

(in thousands of euro)	December 31, 2021	Proceeds from borrowing	Proceeds from lease liabilities (non cash)	Repayments of borrowings/leases liabilities	Exchange rate variation (non cash)	June 30, 2022
State guaranteed loan Société Générale (1)	20,000	—	50	—	—	20,050
State guaranteed loan BNP Paribas (1)	8,700	—	22	—	—	8,722
State guaranteed loans - accrued interest	—	—	—	—	—	—
Lease liabilities – Building "Le Virage"	1,875	—	—	(260)	—	1,614
Lease liabilities – Premises Innate Inc.	391	—	45	(44)	5	396
Lease liabilities – Laboratory equipment	464	—	—	(87)	—	376
Lease liabilities – Vehicles	53	—	38	(19)	—	71
Lease liabilities - Printers	35	—	—	(4)	—	31
Borrowing – Equipment	209	—	—	(27)	—	181
Borrowing – Building (2)	12,525	—	—	(591)	—	11,933
Total	44,251	—	155	(1,032)	5	43,374

(1) On January 5, 2022, the Company announced that it had obtained €28.7 million in non-dilutive financing in the form of two State Guaranteed Loans from Société Générale (€20.0 million) and BNP Paribas (€8.7 million). The Company received the funds related to these two loans on December 27 and 30, 2021 respectively. Both loans have an initial maturity of one year with an option to extend to five years usable from August, 2022. They are 90% guaranteed by the French government as part of the package of measures put in place by the French government to support companies during the COVID-19 pandemic. In August 2022, the Company has requested the extension of these two loans repayment for an additional period of five years starting in 2022 and including a one-year grace period. Consequently, the Company has obtained agreements from Société Générale and BNP Paribas. The effective interest rates applied to these contracts during the additional period are 1.56% and 0.95% for Société Générale and BNP Paribas loans, respectively, excluding insurance and guarantee fees, with an amortization exemption for the entire year 2023. During this grace period, the Company will only be liable for the payment of interest and the guarantee fees, with amortization of the two loans starting in 2024 over a period of four years. The state guarantee fees amounts to €877 thousand and €379 thousand for Société Générale and BNP Paribas loans respectively.

(2) On July 3, 2017, the Company borrowed from the Bank “Société Générale” in order to finance the construction of its future headquarters. This loan amounting to a maximum of €15,200 thousand will be raised during the period of the construction in order to pay the supplier payments as they become due. As of December 31, 2018 and 2019, the loan was raised at an amount of €1,300 thousand.

The loan release period was limited to August 30, 2019. On August 30, 2019, the Company drew down the remaining portion of the €15,200 thousand loan granted, for an amount of €13,900 thousand. The reimbursement of the capital has begun in August 30, 2019 and will proceed until August 30, 2031 (12 years). Given the development of its portfolio and in particular the refocusing of its activities on research and development, the Company has for the time being suspended the project to build its new head office on the land acquired in Luminy. In the meantime, the loan will be used to finance several structuring projects (improvement of the information system, development of a commercial platform, development of additional premises rented, etc.). As of June 30, 2023, the remaining capital of the loan amounted to €10,736 thousand. The Company authorized collateral over financial “Société Générale” instruments amounting to €15,200 thousand. The security interest on the pledge financial instruments will be released in accordance with the following schedule: €4,200 thousand in July 2024, €5,000 thousand in August 2027 and €6,000 thousand in August 2031.

This loan bears a fixed interest rate of 2.01%. It is subject to a covenant based on the assumption that the total cash, cash equivalents and current and non-current financial assets are at least equal to principal as of financial year end.

(3) On March 13, 2023, the Company signed an amendment to the lease for the "Le Virage" building, reducing the surface area of the leased premises. The effective date of the lease amendment is March 15, 2023. As a result, and in accordance with IFRS 16, the impact on the consolidated balance sheet at the effective date of the lease amendment is as follows: write-off of a right of use (asset) of €0.5 million and a lease liability of €0.7 million.

Disclosure of maturity analysis for non-derivative financial liabilities

The table below shows the schedule for the contractual repayment of financial liabilities (being principal and interest payments) as of June 30, 2023:

(in thousands of euro)	Within 1 year	From 2nd to 5th year included	Over 5 years	Total
State guaranteed loan Société Générale	2,739	18,087	—	20,826
State guaranteed loan BNP Paribas	1,156	7,772	—	8,928
State guaranteed loans - accrued interest	14	—	—	14
Lease liabilities – Building "Le Virage"	255	255	—	509
Lease liabilities – Premises Innate Inc.	96	208	—	304
Lease liabilities – Laboratory equipment	167	32	—	198
Lease liabilities – Vehicles	29	44	—	71
Lease liabilities - Printers	9	13	—	22
Borrowing – Equipment	57	71	—	128
Borrowing – Building	1,427	5,706	4,517	11,649
Total financial liabilities	5,948	32,189	4,517	42,654

XML

Employee benefit (Tables)

6 Months Ended

Jun. 30, 2023

Disclosure of information about defined benefit plans [abstract]

Disclosure of defined benefit plans

Defined benefit obligation

(in thousands of euro)	June 30, 2023	December 31, 2022
Allowance for retirement defined benefit	2,159	2,184
Allowance for seniority awards	373	366
Defined benefit obligations	2,532	2,550

Disclosure of net defined benefit liability (asset)

Amounts recognized in the statement of financial position are determined as follows (in thousand euros):

As of January 1, 2022	2,976
Service cost	427
Interest costs	(62)
Actuarial (gain) / loss	(790)
As of December 31, 2022	2,550
Service cost	100
Interest costs	(17)
Actuarial (gain) / loss	(101)
As of June 30, 2023	2,532

XML

Capital (Tables)

6 Months Ended

Jun. 30, 2023

Share Capital and Share Base Payments [Abstract]

Disclosure of number and weighted average exercise prices of other equity instruments

The Company has issued BSAs, BSAARs, AGAs and AGAPs as follows:

Date	Types	Number of warrants issued as of 6/30/2023	Number of warrants void as of 6/30/2023	Number of warrants exercised as of 6/30/2023	Number of warrants outstanding as of 6/30/2023	Maximum number of shares to be issued as of 6/30/2023	Exercise price per share (in €)
Sept. 9, 2011	BSAAR 2011	650,000	25,000	625,000	—	—	2.04
May 27, 2013	BSAAR 2012	146,050	12,250	133,800	—	—	2.04

July 1, 2015	BSAAR 2015	1,050,382	2,720	1,940	1,045,722	1,045,722	7.20
October 21, 2016	AGAP Management 2016-1	2,000	550	250	86,700	59,350	59,350.00
October 21, 2016	AGAP Employees 2016-1	2,486	251	167	2,068	268,840	-
October 21, 2016	AGA Management 2016-1	50,000	—	50,000	—	—	-
December 30, 2016	AGAP Management 2016-2	3,000	—	—	3,000	333,000	-
December 30, 2016	AGA Management 2016-2	250,000	—	250,000	—	—	-
April 3,2018	AGAP Employees 2017-1	5,725	5,725	—	—	—	-
April 3,2018	AGAP Management 2017-1	2,400	2,400	—	—	—	—
April 3,2018	AGA Employees 2017	114,500	4,000	110,500	—	—	—
July 3, 2018	AGA Bonus 2018-1	67,028	469	66,559	—	—	-
November 20, 2018	AGAP Perf Employees 2018-1	327,500	224,375	103,125	—	—	-
November 20, 2018	AGAP Perf Management 2018-1	260,000	150,000	110,000	—	—	-
January 14, 2019	AGA Employees 2018	90,650	5,000	85,650	—	—	-
April 29, 2019	AGA New Members 2017-1	25,000	—	25,000	—	—	-
July 3, 2019	AGA Bonus 2019-1	57,376	—	57,376	—	—	-
July 13, 2020	AGA Bonus 2020-1 & 2	79,861	17,885	61,976	—	—	-
August 5, 2020	AGAP Employees 2020-1	766,650	310,434	—	456,216	456,216	-
August 5, 2020	AGAP Management 2020-1	710,000	60,000	—	650,000	650,000	-
July 22, 2021	AGA Bonus 2021-1	125,748	—	125,748	—	—	-
October 1, 2021	AGAP Employees 2021-1	1,066,600	167,600	—	899,000	899,000	-
October 1, 2021	AGAP Management 2021-1	610,000	90,000	—	520,000	520,000	-
February 12, 2022	AGA "Plan Epargne Entreprise" 2022	138,960	—	138,960	—	—	—
October 3, 2022	AGA Bonus 2022-1	128,061	—	—	128,061	128,061	—
December 12, 2022	AGA Perf Employees 2022-1	1,371,500	81,000	—	1,290,500	1,290,500	—
December 12, 2022	AGA Perf Management 2022-1	550,000	—	—	550,000	550,000	—
April 14, 2023	AGA "Plan Epargne Entreprise" 2023	163,293	—	163,293	—	—	—
July 21, 2020	Stock Options 2020-1	102,000	102,000	—	—	—	-
November 4, 2019	AGAP 2019 Employees 2019	546,700	375,150	171,550	—	—	-
November 4, 2019	AGAP 2019 Management 2019	355,000	207,500	147,500	—	—	-
July 29, 2011	BSA 2011-2	225,000	25,000	200,000	—	—	1.77
July 17, 2013	BSA 2013	237,500	—	225,000	12,500	12,500	2.36
July 16, 2014	BSA 2014	150,000	—	75,000	75,000	75,000	8.65
April 27, 2015	BSA 2015-1	70,000	—	—	70,000	70,000	9.59
July 1, 2015	BSA 2015-2	14,200	—	—	14,200	14,200	14.05
September 20, 2017	BSA 2017	37,000	—	—	37,000	37,000	11.00
December 16, 2022	BSA 2022-1	40,000	31,740	—	8,260	8,260	2.31
	Total as of June 30, 2023	10,592,170	1,901,049	2,928,394	5,762,727	6,514,299

XML

Financial instruments recognized in the statement of financial position and related effect on the income statement (Tables)

6 Months Ended

Jun. 30, 2023

Disclosure of detailed information about financial instruments [abstract]

Disclosure of detailed information about financial instruments

The following tables show the carrying amounts and fair values of financial assets and financial liabilities. The tables do not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.

As of June 30, 2023	Book value on the statement of financial position	Fair value through profit and loss (1)	Amortized cost (2)	Fair value
Financial assets
Non-current financial assets	35,790	35,790	—	35,790
Trade receivables and others	56,446	—	56,446	56,446
Short-term investments	17,475	17,475	—	17,475
Cash and cash equivalents	71,414	71,414	—	71,414
Total financial assets	181,125	124,679	56,446	181,125
Financial liabilities
Financial liabilities—non-current portion	35,323	—	35,323	35,323
Financial liabilities—current portion	5,335	—	5,335	5,335
Trade payables and others	18,991	—	18,991	18,991
Total financial liabilities	59,649	—	59,649	59,649

As of December 31, 2022	Book value on the statement of financial position	Fair value through profit and loss (1)	Amortized Cost (2)	Fair value
Financial assets
Non-current financial assets	35,119	35,119	—	35,119
Trade receivables and others	52,445	—	52,445	52,445
Short-term investments	17,260	17,260	—	17,260
Cash and cash equivalents	84,225	84,225	—	84,225
Total financial assets	189,049	136,604	52,445	189,049
Financial liabilities
Financial liabilities—non-current portion	40,149	—	40,149	40,149
Financial liabilities—current portion	2,102	—	2,102	2,102
Trade payables and others	20,911	—	20,911	20,911
Total financial liabilities	63,162	—	63,162	63,162

(1) The fair value of financial assets classified as fair value through profit and loss corresponds to the market value of the assets, which are primarily determined using level 2 measurements.

(2) The book amount of financial assets and liabilities measured at amortized cost was deemed to be a reasonable estimation of fair value.

XML

Revenue, government financing for research expenditures and sales (Tables)

6 Months Ended

Jun. 30, 2023

Disclosure of disaggregation of revenue from contracts with customers [abstract]

Disclosure of revenue from collaboration and licensing agreements

Revenues from collaboration and licensing agreements result from agreements signed with AstraZeneca, Sanofi and Takeda :

(in thousands of euro)	June 30, 2023	June 30, 2022
Proceeds from collaboration and licensing agreements	34,728	41,919
of which monalizumab agreement (AstraZeneca)	9,503	16,440
of which IPH5201 agreement (AstraZeneca)	—	4,826
of which preclinical molecules agreement (AstraZeneca)	—	17,400
of which 2016 Sanofi agreement	2,000	3,000
of which 2022 Sanofi agreement	18,672	—
of which Takeda agreement	4,553	—
of which other agreements	—	252
Invoicing of R&D costs (IPH5201 agreement)	616	(21)
Exchange gains or losses on collaboration agreement	—	(627)
Revenue from collaboration and licensing agreements	35,344	41,271

Disclosure of change in deferred revenue and collaboration liabilities

Change in deferred revenue relating to monalizumab agreement:

(in thousands of euro)	Total
As of December 31, 2021	20,159
Increase in deffered revenu resulting from the $50m milestone relating to the dosage of the first patent in the Phase 3 trial PACIFIC-9 (1)	47,687
Revenue for the six months ended June 30, 2022	(16,440)
Transfer from / (to) collaboration liabilities	(34,094)
As of June 30, 2022	17,312
As of December 31, 2022	14,481
Revenue for the six months ended June 30, 2023	(9,503)
Transfer from / (to) collaboration liabilities	(283)
As of June 30, 2023	4,696

(1) As a reminder, the increase in deferred revenue relating to monalizumab agreement between December 31, 2021 and June 30, 2022 is explained by the additional payment of €47,687 thousand ($50,000 thousand) made by AstraZeneca in June 2022 and triggered by the launch of the “PACIFIC-9” Phase 3 trial on April 28, 2022. This increase has led to a simultaneous increase in collaboration commitment ("collaboration liability"- see below) of

€34,335 thousand ($36,000 thousand) in accordance with the Company’s July 2019 option concerning the co-financing of Phase 3 trials in the field of collaboration.

Change in collaboration liabilities relating to monalizumab agreement:

(in thousands of euro)	Total
As of December 31, 2021	40,415
Additions (1)	38,568
Deductions	(5,862)
As of June 30, 2022	73,121
As of December 31, 2022	63,211
Additions	283
Deductions	(7,436)
As of June 30, 2023	56,058

(1) As a reminder, the increase in collaboration liabilities relating to monalizumab agreement between December 31, 2021 and June 30, 2022 mainly results from (i) a €34,335 thousand ($36,000 thousand) increase in collaboration commitments in connection with the launch of the “PACIFIC-9” Phase 3 trial on April 28, 2022, and (ii) a €3,700 thousand increase in the collaboration commitments in connection with exchange rate fluctuations over the period.

Change in deferred revenue relating to the 2022 research collaboration and licensing agreement :

(in thousands of euro)	Total
As of December 31, 2022	—
Additions (1)	6,500
Deductions	(172)
As of June 30, 2023	6,328

(1) The increase in deferred revenue relating to the 2022 research collaboration and licensing agreement with Sanofi between December 31, 2022 and June 30, 2023 mainly comprises (i) an upfront payment of €5,000 thousand relating to the granting of two options for exclusive licenses on Innate's intellectual property for the research, development, manufacturing and commercialization of NKCEs specifically targeting two preclinical molecules. The Company will recognize the related revenues either at the reporting date or three years after the effective date; as well as (ii) an amount of €1,400 thousand relating to research services provided in collaboration with Sanofi. The Company will recognize the related revenues on a straight-line basis over the duration of the research work to which the Company has agreed corresponding to three years.

Disclosure of variance of deferred revenue

Schedule of variance of deferred revenue

(in thousands of euro)	As of December 31, 2022	Recognition in P&L	Proceeds	Transfer from / (to) collaboration liabilities	As of June 30, 2023
Monalizumab	14,481	(9,503)	—	(283)	4,696
Sapphire (Sanofi options)	—	—	5,000	—	5,000
Sapphire (Sanofi services)	—	(172)	1,500	—	1,328
Total	14,481	(9,675)	6,500	(283)	11,024

(in thousands of euro)	As of December 31, 2021	Recognition in P&L	Proceeds	Transfer from / (to) collaboration liabilities	As of June 30, 2022
Monalizumab	20,159	(16,440)	47,687	(34,094)	17,312
Preclinical molecules	17,400	(17,400)	—	—	—
Others	353	(235)	—	—	117
Total	37,912	(34,075)	47,687	(34,094)	17,427

Disclosure of government financing for research expenditures

The total amount for government financing for research expenditures recorded as other income in the income statement can be analysed as follows:

(in thousands of euro)	June 30, 2023	June 30, 2022
Research tax credit	4,854 (1)	4,270
Grant	0	49
Government financing for research expenditures	4,854	4,319

(1) As of June 30, 2023, the amount is mainly composed of (i) the research tax credit calculated and recognized for the 2022 financial year for an amount of €5.0 million from which is subtracted (ii) a provision amounting to €0.2 million relating to the additional provision in connection with the tax inspection carried out in 2022 by the French tax authorities relating to the 2019 and 2020 financial years, as well as the research tax credit and the accuracy of its calculation for the 2018 to 2020 financial years.

XML

Operating expenses (Tables)

6 Months Ended

Jun. 30, 2023

Analysis of income and expense [abstract]

Disclosure of expenses by nature

Operating expenses

(in thousands of euro)	June 30, 2023			June 30, 2022
	R&D	G&A	Total	R&D	G&A	Total
Subcontracting costs(1)	(15,857)	—	(15,857)	(10,727)	—	(10,727)
Cost of supplies and consumable materials	(1,410)	(100)	(1,510)	(1,663)	(285)	(1,948)
Personnel expenses other than share-based compensation	(7,781)	(3,871)	(11,652)	(7,447)	(4,448)	(11,895)
Share-based compensation	(905)	(496)	(1,401)	(1,275)	(1,321)	(2,596)
Personnel expenses	(8,686)	(4,367)	(13,053)	(8,722)	(5,769)	(14,491)
Non-scientific advisory and consulting(2)	(532)	(1,662)	(2,194)	(752)	(2,242)	(2,994)
Leasing and maintenance	(470)	(445)	(915)	(97)	(961)	(1,058)
Travel expenses and meeting attendance	(180)	(143)	(323)	(245)	(109)	(354)
Marketing, communication and public relations	(34)	(142)	(176)	(84)	(375)	(459)
Scientific advisory and consulting(3)	(561)	—	(561)	(360)	—	(360)
Other purchases and external expenses	(13)	(1,153)	(1,166)	(9)	(1,123)	(1,132)
Depreciation and amortization	(3,044)	(601)	(3,645)	(1,274)	(768)	(2,042)
Intellectual property expenses	(570)	(68)	(638)	(492)	(176)	(668)
Other income and (expenses), net	(98)	(464)	(562)	(531)	(332)	(863)
Total operating expenses	(31,453)	(9,144)	(40,597)	(24,956)	(12,140)	(37,096)

(1)The Company subcontracts a significant part of its pre-clinical (pharmaceutical development, tolerance studies and other model experiments, etc.) and clinical operations (coordination of trials, hospital costs, etc.) to third parties.

(2)Non-scientific advisory and consulting are services performed to support the general and administration activities of the Company, such as legal, accounting and audit fees as well as business development support.

(3)Scientific advisory and consulting expenses relate to consulting services performed by third parties to support the research and development activities of the Company.

XML

Net financial income / (loss) (Tables)

6 Months Ended

Jun. 30, 2023

Analysis of income and expense [abstract]

Disclosure of net financial income (loss)

Net financial income (loss) can be analyzed as follows :

(in thousands of euro)	June 30, 2023	June 30, 2022
Interests on financial assets	965	198
Change in valuation allowance on financial instruments	1,044	53
Foreign exchange gains	1,073	3,797
Other financial income	—	—
Financial income	3,083	4,048
Foreign exchange losses	(642)	(3,663)
Unrealized losses on financial assets	—	(2,309)
Interest on financial liabilities	(324)	(194)
Other financial expenses	—	—
Financial expenses	(966)	(6,166)
Net financial income (loss)	2,116	(2,118)

XML

Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2023

Discontinued Operations [Abstract]

Disclosure of analysis of financial performance and cash-flows from discontinued operations

a) Financial Performance

(in thousands of euro)	June 30, 2023	June 30, 2022
Revenue and other income
Revenue from collaboration and licensing agreements	—	—
Sales	—	42
Total revenue and other income	—	42
Operating expenses
Research and development expenses	—	(11)
Selling, general and administrative expenses	—	(104)
Impairment of intangible assets	—	—
Total operating expenses	—	(115)
Net income (loss) from distribution agreements	—	—
Operating income (loss)	—	(73)
Financial income	—	—
Financial expenses	—	—
Net financial income (loss)	—	—
Net income (loss) before tax	—	(73)
Income tax expense	—	—
Net income (loss) from discontinued operations	—	(73)

b) Cash-Flows

(in thousands of euro)	June 30, 2023	June 30, 2022
Net cash generated from / (used in) operating activities	—	(5,539)
Net cash generated from / (used in) investing activities	—	—
Net cash generated from / (used in) financing activities	—	—
Net cash flows from discontinued operations	—	(5,539)

XML

Related party transactions (Tables)

6 Months Ended

Jun. 30, 2023

Related party transactions [abstract]

Disclosure of key management personnel compensation

For each of the period presented, the following compensation was granted to the members of the Executive Committee of the Company and were recognized as expense:

(in thousands of euro)	June 30, 2023	June 30, 2022
Personnel and other short-term employee benefits	1,386	1,205
Extra pension benefits	11	11
Share-based compensation	408	891
Advisory fees	318	—
Executive Board Members and other Executive Members compensation	2,123	2,107

Disclosure of transactions between related parties

The payments between the two companies as well as the liabilities and receivables as of June 30, 2023 are as follows:

	As of June 30,2023
(in thousands of euro)	Payments	Assets/Liabilities
Collection (AstraZeneca to the Company) / Receivables	3,281	863
Payments (the Company to AstraZeneca) / Liabilities	(8,139)	(2,587)
Total	(4,858)	(1,724)

XML

Income / (loss) per share (Tables)

6 Months Ended

Jun. 30, 2023

Income (Loss) Per Share [Abstract]

Summary of income (loss) per share

Basic income / (loss) per share are calculated by dividing the net earnings attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the period.

	June 30, 2023	June 30, 2022
Net income/(loss)	1,718	6,303
Weighted average number of ordinary shares in circulation	80,319,897	79,753,657
Basic income/(loss) per share (€ per share)	0.02	0.08

Diluted income (loss) per share is calculated by dividing the net income (loss) attributable to equity holders of the Company by the weighted average number of ordinary shares in circulation during the corresponding period, increased by all dilutive potential common shares.

In thousands of euro, except for data share	June 30, 2023	June 30, 2022
Net income/(loss) for the period	1,718	6,303
Weighted average number of ordinary shares in circulation	80,319,897	79,753,657
Adjustment for share instruments	3,461,439	2,132,098
Diluted income/(loss) per share (€ per share)	0.02	0.08

XML

The Company and key events - The company (Details) € in Thousands	6 Months Ended
	Jun. 30, 2023 EUR (€) employee trial_cohort subsidiary	Jun. 30, 2022 EUR (€) employee	Dec. 31, 2022 EUR (€)	Dec. 31, 2021 EUR (€)
Company Information [Abstract]
Number of clinical product candidates | trial_cohort	6
Net income for the period	€ 1,718	€ 6,303
Total shareholders’ equity	€ 57,863	€ 116,333	€ 54,151	€ 107,440
Number of subsidiaries | subsidiary	1
Number of employees | employee	191	213

XML

The Company and key events - Key events for the six-month period ended June 30, 2023 (Details) € in Millions, $ in Millions						1 Months Ended	6 Months Ended		12 Months Ended
	Jun. 26, 2023 EUR (€)	Apr. 26, 2023 USD ($) shares	Apr. 03, 2023 EUR (€)	Apr. 03, 2023 USD ($)	Jun. 01, 2022 USD ($)	Mar. 31, 2023 EUR (€) target_option	Jun. 30, 2023 EUR (€)	Jun. 30, 2022 EUR (€)	Dec. 31, 2022 USD ($)	Dec. 19, 2022 target_option
Agreement with Sanofi, 2022
Disclosure of disaggregation of revenue from contracts with customers [line items]
Number of target options | target_option						2				2
Milestone payment received						€ 25.0
Advance received						€ 25.0
Takeda agreement
Disclosure of disaggregation of revenue from contracts with customers [line items]
Advance received			€ 4.6	$ 5.0
Maximum amount receivable upon achievement of certain milestones | $				$ 410.0
Agreement related to IPH5201 with AstraZeneca
Disclosure of disaggregation of revenue from contracts with customers [line items]
Milestone payment received | $					$ 5.0
Advance received | $									$ 5.0
Payments for milestone	€ 2.0
Agreement with Sanofi, 2016
Disclosure of disaggregation of revenue from contracts with customers [line items]
Milestone payment received								€ 2.0
Payments for milestone							€ 2.0
American Depository Shares
Disclosure of disaggregation of revenue from contracts with customers [line items]
Maximum potential proceeds from issuance of equity | $		$ 75.0
Number of ordinary shares per ADS (in shares) | shares		1

XML

Basis of presentation and statement of compliance (Details)	6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Significant Accounting Policies [Abstract]
Average rate (€1 equals to USD)	1.0806	1.0933	1.0530
Closing rate (€1 equals to USD)	1.0866	1.0387	1.0666

XML

Cash, cash equivalents, short-term investments and non-current financial assets - Disclosure of cash, cash equivalents and financial assets (Details) - EUR (€) € in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Subclassifications of assets, liabilities and equities [abstract]
Cash and cash equivalents	€ 71,414	€ 84,225	€ 102,949	€ 103,756
Short-term investments	17,475	17,260
Cash, cash equivalents and short-term investments	88,889	101,485
Non-current financial assets	35,790	35,119	€ 34,808	€ 39,878
Cash, cash equivalents and financial assets	€ 124,679	€ 136,604

XML

Cash, cash equivalents, short-term investments and non-current financial assets - Additional Information (Details) € in Thousands	6 Months Ended
	Jun. 30, 2023 EUR (€) Rate shares	Jun. 30, 2022 EUR (€)	Dec. 31, 2022 EUR (€)
Disclosure of financial assets [Line Items]
Number of SICAV held | shares	6
Cash, cash equivalents and financial assets	€ 124,679		€ 136,604
Non-current financial assets, variation of fair value through the consolidated statement of income (loss)	772	€ (2,308)
Short-term investments, variation of fair value through the consolidated statement of income (loss)	€ 271	€ 53
SICAV and mutual funds | Minimum
Disclosure of financial assets [Line Items]
Risk profile rate | Rate	1
SICAV and mutual funds | Maximum
Disclosure of financial assets [Line Items]
Risk profile rate | Rate	7
Cash, cash equivalents, and financial assets denominated in US dollars
Disclosure of financial assets [Line Items]
Cash, cash equivalents and financial assets	€ 29,488		€ 34,735

XML

Cash, cash equivalents, short-term investments and non-current financial assets - Disclosure of reconciliation of changes in short-term investments and non-current financial assets (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Subclassifications of assets, liabilities and equities [abstract]
Beginning balance, current investments	€ 17,260	€ 16,080
Short-term investments, acquisitions	0	2,935
Short-term investments, disposals	0	0
Short-term investments, variation of fair value through the consolidated statement of income (loss)	271	53
Short-term investments, variation of accrued interest	232	0
Short-term investments, foreign currency effect	(288)	1,333
Ending balance, current investments	17,475	20,401
Beginning balance, non-current financial assets	35,119	39,878
Non-current financial assets, acquisitions	0	0
Non-current financial assets, disposals	0	(2,935)
Non-current financial assets, variation of fair value through the consolidated statement of income (loss)	772	(2,308)
Non-current financial assets, variation of accrued interest	(102)	172
Non-current financial assets, foreign currency effect	0	0
Ending balance, non-current financial assets	35,790	34,808
Beginning balance, total	52,379	55,958
Total, acquisitions	0	2,935
Total, disposals	0	(2,935)
Total, variation of fair value through the consolidated statement of income (loss)	1,043	(2,255)
Total variance of accrued interest	130	172
Total, foreign currency effect	(288)	1,333
Ending balance, total	€ 53,265	€ 55,209

XML

Trade receivables and others (Details) € in Thousands		6 Months Ended	12 Months Ended
	Aug. 31, 2022 loan	Jun. 30, 2023 EUR (€) loan_agreement	Dec. 31, 2022 EUR (€)	Dec. 31, 2021 EUR (€)	Dec. 31, 2020 EUR (€)	Dec. 31, 2019 EUR (€)
Disclosure of financial assets [Line Items]
Other receivables		€ 109	€ 61
Research tax credit		43,936	25,904
Other tax credits		395	361
Current prepaid expenses		3,328	4,672
VAT refund		1,717	1,614
Trade account receivables		2,934	3,080
Prepayments made to suppliers		3,146	2,652
Receivables and others		55,566	38,345
Research tax credit		0	13,018
Prepaid expenses, non-current		880	1,081
Receivables and others - non-current		880	14,099
Trade receivables and others		56,446	52,445
Income from research tax credit 2019 and 2020, maturity						3 years
Income from research tax credit 2021				€ 10,302
Income from research tax credit 2022			€ 9,167
Income from research tax credit 2019						€ 16,737
Income from research tax credit 2019, Maturity						3 years
Income from research tax credit 2020					€ 13,018
Income from research tax credit HY 2023		5,014
Agreement With Sanofi
Disclosure of financial assets [Line Items]
Trade account receivables		€ 2,400
State guaranteed loan, Societe Generale and BNP Paribas
Disclosure of financial assets [Line Items]
Borrowing, number of loan agreement	2	2
Borrowing, maturity	5 years	5 years
Guarantees [member]
Disclosure of financial assets [Line Items]
Current prepaid expenses		€ 1,131

XML

Intangible assets - Disclosure of detailed information about intangible assets (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill at beginning of period	€ 1,556	€ 43,260	€ 44,192
Acquisitions	0		0
Additional considerations	2,000		0
Disposals	0		0
Amortizations	(2,651)		(940)
Transfers	0		0
Intangible assets other than goodwill at end of period	903	1,556	43,260
Monalizumab agreement
Disclosure of detailed information about intangible assets [line items]
Amortizations	(651)		(903)
PH5401 (Anti-C5aR) Rights Acquired From Novo Nordisk A/S
Disclosure of detailed information about intangible assets [line items]
Impairment of intangible assets		41,000
Agreement with Orega Biotech
Disclosure of detailed information about intangible assets [line items]
Amortizations	(2,000)
Purchased licenses
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill at beginning of period	1,556	2,221	3,161
Acquisitions	0		0
Additional considerations	2,000		0
Disposals	0		0
Amortizations	(2,651)		(940)
Transfers	0		0
Intangible assets other than goodwill at end of period	903	1,556	2,221
Other intangible assets
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill at beginning of period	0	29	29
Acquisitions	0		0
Additional considerations	0		0
Disposals	0		0
Amortizations	0		0
Transfers	0		0
Intangible assets other than goodwill at end of period	0	0	29
In progress
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill at beginning of period	0	41,000	41,000
Acquisitions	0		0
Additional considerations	0		0
Disposals	0		0
Amortizations	0		0
Transfers	0		0
Intangible assets other than goodwill at end of period	€ 0	€ 0	€ 41,000

XML

Intangible assets - Additional Information (Details) $ in Millions			1 Months Ended							6 Months Ended			59 Months Ended
	Jun. 26, 2023 EUR (€)	Jun. 01, 2022 USD ($)	Jul. 31, 2023 EUR (€)	Oct. 31, 2022 EUR (€)	Jan. 31, 2022 EUR (€)	Oct. 31, 2020 EUR (€)	Jun. 30, 2020 EUR (€)	Apr. 30, 2020 EUR (€)	Jun. 30, 2019 EUR (€)	Jun. 30, 2023 EUR (€)	Dec. 31, 2022 EUR (€)	Jun. 30, 2022 EUR (€)	Jun. 30, 2023 EUR (€)	Dec. 31, 2021 EUR (€)	Jul. 31, 2017 EUR (€)
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill										€ 903,000	€ 1,556,000	€ 43,260,000	€ 903,000	€ 44,192,000
Financial liabilities										40,658,000	42,252,000	43,374,000	40,658,000	44,251,000
Additional considerations										2,000,000		€ 0
2014 Monalizumab (NKG2A) agreement with Novo Nordisk
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill										900,000	1,551,000		900,000
IPH5201 (anti-CD39) rights acquired from Orega Biotech
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill														€ 1,800,000
Additional considerations				€ 600,000	€ 400,000		€ 200,000	€ 2,500,000	€ 7,000,000
IPH5201 (anti-CD39) rights acquired from Orega Biotech | Major purchases of assets
Disclosure of detailed information about intangible assets [line items]
Additional considerations			€ 2,000,000
IPH5401 (anti-C5aR) rights acquired from Novo Nordisk A/S
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill															€ 40,000,000
Payments for milestone						€ 1,000,000
Impairment of intangible assets													0
Financial liabilities										€ 0			€ 0
Agreement related to IPH5201 with AstraZeneca
Disclosure of detailed information about intangible assets [line items]
Payments for milestone	€ 2,000,000
Milestone payment received | $		$ 5.0
PH5401 (Anti-C5aR) Rights Acquired From Novo Nordisk A/S
Disclosure of detailed information about intangible assets [line items]
Impairment of intangible assets											€ 41,000,000

XML

Property and equipment (Details) - EUR (€) € in Thousands		6 Months Ended
	Mar. 15, 2023	Jun. 30, 2023	Jun. 30, 2022
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment at beginning of period		€ 8,542	€ 10,174
Acquisitions		310	472
Disposals		(591)	0
Depreciation		(993)	(1,090)
Transfers		0	0
Property, plant and equipment at end of period		7,262	9,556
Lease liabilities – Building "Le Virage"
Disclosure of detailed information about property, plant and equipment [Line Items]
Write-off of lease liability	€ 700
Assets under finance-lease agreements
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment at beginning of period			5,342
Acquisitions			0
Disposals			0
Depreciation			(534)
Transfers			0
Property, plant and equipment at end of period			4,808
Right-of-use assets
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment at beginning of period		6,423
Acquisitions		79
Disposals		(513)
Depreciation		(428)
Transfers		0
Property, plant and equipment at end of period		5,561
Write-off of right-of-use asset	€ 500
Lands and buildings
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment at beginning of period		4,242	4,981
Acquisitions		31	14
Disposals		(513)	0
Depreciation		(323)	(379)
Transfers		0	0
Property, plant and equipment at end of period		3,437	4,616
Laboratory equipment and other
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment at beginning of period		4,298	5,187
Acquisitions		279	458
Disposals		(78)	0
Depreciation		(670)	(711)
Transfers		0	0
Property, plant and equipment at end of period		3,829	4,934
In progress
Disclosure of detailed information about property, plant and equipment [Line Items]
Property, plant and equipment at beginning of period		0	6
Acquisitions		0	0
Disposals		0	0
Depreciation		0	0
Transfers		0	0
Property, plant and equipment at end of period		€ 0	€ 6

XML

Trade payables and others (Details) € in Thousands	Jun. 30, 2023 EUR (€) loan	Dec. 31, 2022 EUR (€)
Disclosure of trade payables and others [Line Items]
Current trade payables	€ 9,868	€ 13,656
Payables on social security and taxes other than income tax	5,327	5,978
Other current payables	1,380	1,260
Current Trade Payables And Others Excluding Payables Related To Capital Expenditures	16,575	20,894
Current Payables Related To Capital Expenditures	2,416	17
Trade payables and others	€ 18,991	€ 20,911
Number of State Guaranteed Loans | loan	2
Agreement with Orega Biotech
Disclosure of trade payables and others [Line Items]
Current Payables Related To Capital Expenditures	€ 2,400

XML

Financial liabilities - Disclosure of financial liabilities per maturity (Details) € in Thousands						1 Months Ended	6 Months Ended
	Mar. 15, 2023 EUR (€)	Aug. 31, 2022 EUR (€) loan	Jan. 05, 2022 EUR (€) loan_agreement	Aug. 30, 2019 EUR (€)	Jul. 03, 2017 EUR (€)	Aug. 31, 2022 EUR (€) loan	Jun. 30, 2023 EUR (€) loan_agreement	Jun. 30, 2022 EUR (€)	Dec. 31, 2022 EUR (€)	Dec. 31, 2021 EUR (€)	Dec. 31, 2019 EUR (€)	Dec. 31, 2018 EUR (€)
Disclosure of financial liabilities [Line Items]
Financial liabilities							€ 40,658	€ 43,374	€ 42,252	€ 44,251
Proceeds from borrowing							0	0
Proceeds from lease liabilities and other non cash effects							(689)	155
Repayments of borrowings/leases liabilities							(916)	(1,032)
Exchange rate variation (non cash)							2	5
Current prepaid expenses							3,328		4,672
Right-of-use assets
Disclosure of financial liabilities [Line Items]
Write-off of right-of-use asset	€ 500
Guarantees [member]
Disclosure of financial liabilities [Line Items]
Current prepaid expenses							€ 1,131
State guaranteed loan, Societe Generale and BNP Paribas
Disclosure of financial liabilities [Line Items]
Borrowing, number of loan agreement		2				2	2
Borrowing, maturity		5 years					5 years
Borrowing, grace period		1 year
State guaranteed loan Société Générale (1)
Disclosure of financial liabilities [Line Items]
Borrowing, maturity						4 years
Borrowings, interest rate		1.56%				1.56%
Number of loans | loan						2
State guaranteed loan Société Générale (1) | Guarantees [member]
Disclosure of financial liabilities [Line Items]
Current prepaid expenses		€ 877				€ 877
State guaranteed loan BNP Paribas (1)
Disclosure of financial liabilities [Line Items]
Borrowings, interest rate		0.95%				0.95%
State guaranteed loan BNP Paribas (1) | Guarantees [member]
Disclosure of financial liabilities [Line Items]
Current prepaid expenses		€ 379				€ 379
State guaranteed loan Société Générale (1)
Disclosure of financial liabilities [Line Items]
Financial liabilities							€ 20,000	20,050	20,000	20,000
Proceeds from borrowing							0	0
Proceeds from lease liabilities and other non cash effects							0	50
Repayments of borrowings/leases liabilities							0	0
Exchange rate variation (non cash)							0	0
Notional amount			€ 20,000
State guaranteed loan BNP Paribas (1)
Disclosure of financial liabilities [Line Items]
Financial liabilities							8,700	8,722	8,700	8,700
Proceeds from borrowing							0	0
Proceeds from lease liabilities and other non cash effects							0	22
Repayments of borrowings/leases liabilities							0	0
Exchange rate variation (non cash)							0	0
Notional amount			8,700
State guaranteed loans - accrued interest
Disclosure of financial liabilities [Line Items]
Financial liabilities							15	0	15	0
Proceeds from borrowing							0	0
Proceeds from lease liabilities and other non cash effects							0	0
Repayments of borrowings/leases liabilities							0	0
Exchange rate variation (non cash)							0	0
Lease liabilities – Building "Le Virage"
Disclosure of financial liabilities [Line Items]
Financial liabilities							487	1,614	1,353	1,875
Proceeds from borrowing							0	0
Proceeds from lease liabilities and other non cash effects							(736)	0
Repayments of borrowings/leases liabilities							(130)	(260)
Exchange rate variation (non cash)							0	0
Write-off of lease liability	€ 700
Lease liabilities – Premises Innate Inc.
Disclosure of financial liabilities [Line Items]
Financial liabilities							297	396	345	391
Proceeds from borrowing							0	0
Proceeds from lease liabilities and other non cash effects							0	45
Repayments of borrowings/leases liabilities							(50)	(44)
Exchange rate variation (non cash)							2	5
Lease liabilities – Laboratory equipment
Disclosure of financial liabilities [Line Items]
Financial liabilities							198	376	287	464
Proceeds from borrowing							0	0
Proceeds from lease liabilities and other non cash effects							0	0
Repayments of borrowings/leases liabilities							(89)	(87)
Exchange rate variation (non cash)							0	0
Lease liabilities – Vehicles
Disclosure of financial liabilities [Line Items]
Financial liabilities							70	71	33	53
Proceeds from borrowing							0	0
Proceeds from lease liabilities and other non cash effects							48	38
Repayments of borrowings/leases liabilities							(13)	(19)
Exchange rate variation (non cash)							0	0
Lease liabilities - Printers
Disclosure of financial liabilities [Line Items]
Financial liabilities							23	31	27	35
Proceeds from borrowing							0	0
Proceeds from lease liabilities and other non cash effects							0	0
Repayments of borrowings/leases liabilities							(4)	(4)
Exchange rate variation (non cash)							0	0
Borrowing – Equipment
Disclosure of financial liabilities [Line Items]
Financial liabilities							127	181	154	209
Proceeds from borrowing							0	0
Proceeds from lease liabilities and other non cash effects							0	0
Repayments of borrowings/leases liabilities							(27)	(27)
Exchange rate variation (non cash)							0	0
Borrowing – Building (2)
Disclosure of financial liabilities [Line Items]
Financial liabilities							10,736	11,933	€ 11,338	€ 12,525
Proceeds from borrowing							0	0
Proceeds from lease liabilities and other non cash effects							0	0
Repayments of borrowings/leases liabilities							(602)	(591)
Exchange rate variation (non cash)							0	€ 0
State guaranteed loan, Societe Generale and BNP Paribas
Disclosure of financial liabilities [Line Items]
Notional amount			€ 28,700
Borrowing, number of loan agreement | loan_agreement			2
Borrowing, maturity			1 year
Borrowing, maturity, extension period option			5 years
Borrowing, percentage of state-guaranteed loan			90.00%
Loan agreement with Société Générale
Disclosure of financial liabilities [Line Items]
Financial liabilities							€ 10,736				€ 1,300	€ 1,300
Proceeds from borrowing				€ 13,900
Loan agreement, maximum borrowing capacity					€ 15,200
Loan agreement, collateral					15,200
Borrowings, maturity period				12 years
Security interest on pledge of financial instruments will be released in 2024					4,200
Security interest on pledge of financial instruments will be released in 2027					5,000
Security interest on pledge of financial instruments will be released in 2031					€ 6,000
Loan agreement with Société Générale | Fixed interest rate
Disclosure of financial liabilities [Line Items]
Borrowings, interest rate							2.01%

XML

Financial liabilities - Disclosure of maturity analysis for non-derivative financial liabilities (Details) € in Thousands	Jun. 30, 2023 EUR (€)
Statement Line Items [Line Items]
Undiscounted cash flows	€ 42,654
Within 1 year
Statement Line Items [Line Items]
Undiscounted cash flows	5,948
From 2nd to 5th year included
Statement Line Items [Line Items]
Undiscounted cash flows	32,189
Over 5 years
Statement Line Items [Line Items]
Undiscounted cash flows	4,517
State guaranteed loan Société Générale (1)
Statement Line Items [Line Items]
Undiscounted cash flows	20,826
State guaranteed loan Société Générale (1) | Within 1 year
Statement Line Items [Line Items]
Undiscounted cash flows	2,739
State guaranteed loan Société Générale (1) | From 2nd to 5th year included
Statement Line Items [Line Items]
Undiscounted cash flows	18,087
State guaranteed loan Société Générale (1) | Over 5 years
Statement Line Items [Line Items]
Undiscounted cash flows	0
State guaranteed loan BNP Paribas (1)
Statement Line Items [Line Items]
Undiscounted cash flows	8,928
State guaranteed loan BNP Paribas (1) | Within 1 year
Statement Line Items [Line Items]
Undiscounted cash flows	1,156
State guaranteed loan BNP Paribas (1) | From 2nd to 5th year included
Statement Line Items [Line Items]
Undiscounted cash flows	7,772
State guaranteed loan BNP Paribas (1) | Over 5 years
Statement Line Items [Line Items]
Undiscounted cash flows	0
State guaranteed loans - accrued interest
Statement Line Items [Line Items]
Undiscounted cash flows	14
State guaranteed loans - accrued interest | Within 1 year
Statement Line Items [Line Items]
Undiscounted cash flows	14
State guaranteed loans - accrued interest | From 2nd to 5th year included
Statement Line Items [Line Items]
Undiscounted cash flows	0
State guaranteed loans - accrued interest | Over 5 years
Statement Line Items [Line Items]
Undiscounted cash flows	0
Lease liabilities – Building "Le Virage"
Statement Line Items [Line Items]
Undiscounted cash flows	509
Lease liabilities – Building "Le Virage" | Within 1 year
Statement Line Items [Line Items]
Undiscounted cash flows	255
Lease liabilities – Building "Le Virage" | From 2nd to 5th year included
Statement Line Items [Line Items]
Undiscounted cash flows	255
Lease liabilities – Building "Le Virage" | Over 5 years
Statement Line Items [Line Items]
Undiscounted cash flows	0
Lease liabilities – Premises Innate Inc.
Statement Line Items [Line Items]
Undiscounted cash flows	304
Lease liabilities – Premises Innate Inc. | Within 1 year
Statement Line Items [Line Items]
Undiscounted cash flows	96
Lease liabilities – Premises Innate Inc. | From 2nd to 5th year included
Statement Line Items [Line Items]
Undiscounted cash flows	208
Lease liabilities – Premises Innate Inc. | Over 5 years
Statement Line Items [Line Items]
Undiscounted cash flows	0
Lease liabilities – Laboratory equipment
Statement Line Items [Line Items]
Undiscounted cash flows	198
Lease liabilities – Laboratory equipment | Within 1 year
Statement Line Items [Line Items]
Undiscounted cash flows	167
Lease liabilities – Laboratory equipment | From 2nd to 5th year included
Statement Line Items [Line Items]
Undiscounted cash flows	32
Lease liabilities – Laboratory equipment | Over 5 years
Statement Line Items [Line Items]
Undiscounted cash flows	0
Lease liabilities – Vehicles
Statement Line Items [Line Items]
Undiscounted cash flows	71
Lease liabilities – Vehicles | Within 1 year
Statement Line Items [Line Items]
Undiscounted cash flows	29
Lease liabilities – Vehicles | From 2nd to 5th year included
Statement Line Items [Line Items]
Undiscounted cash flows	44
Lease liabilities – Vehicles | Over 5 years
Statement Line Items [Line Items]
Undiscounted cash flows	0
Lease liabilities - Printers
Statement Line Items [Line Items]
Undiscounted cash flows	22
Lease liabilities - Printers | Within 1 year
Statement Line Items [Line Items]
Undiscounted cash flows	9
Lease liabilities - Printers | From 2nd to 5th year included
Statement Line Items [Line Items]
Undiscounted cash flows	13
Lease liabilities - Printers | Over 5 years
Statement Line Items [Line Items]
Undiscounted cash flows	0
Borrowing – Equipment
Statement Line Items [Line Items]
Undiscounted cash flows	128
Borrowing – Equipment | Within 1 year
Statement Line Items [Line Items]
Undiscounted cash flows	57
Borrowing – Equipment | From 2nd to 5th year included
Statement Line Items [Line Items]
Undiscounted cash flows	71
Borrowing – Equipment | Over 5 years
Statement Line Items [Line Items]
Undiscounted cash flows	0
Borrowing – Building (2)
Statement Line Items [Line Items]
Undiscounted cash flows	11,649
Borrowing – Building (2) | Within 1 year
Statement Line Items [Line Items]
Undiscounted cash flows	1,427
Borrowing – Building (2) | From 2nd to 5th year included
Statement Line Items [Line Items]
Undiscounted cash flows	5,706
Borrowing – Building (2) | Over 5 years
Statement Line Items [Line Items]
Undiscounted cash flows	€ 4,517

XML

Employee benefit - Disclosure of defined benefit plans (Details) - EUR (€) € in Thousands	Jun. 30, 2023	Dec. 31, 2022
Disclosure of defined benefit plans [line items]
Defined benefit obligations	€ 2,532	€ 2,550
Allowance for retirement defined benefit
Disclosure of defined benefit plans [line items]
Defined benefit obligations	2,159	2,184
Allowance for seniority awards
Disclosure of defined benefit plans [line items]
Defined benefit obligations	€ 373	€ 366

XML

Employee benefit - Disclosure of net defined benefit liability (asset) (Details) - EUR (€) € in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Disclosure of defined benefit plans [line items]
Net defined benefit liability (asset) at beginning of period	€ 2,550	€ 2,976
Service cost	100	427
Interest costs	(17)	(62)
Actuarial (gain) / loss	(101)	(790)
Net defined benefit liability (asset) at end of period	€ 2,532	€ 2,550

XML

Employee benefit - Additional Information (Details)	Jun. 30, 2023	Dec. 31, 2022
Allowance for retirement defined benefit
Disclosure of defined benefit plans [line items]
Actuarial assumption of discount rates	360.00%	375.00%

XML

Capital - Additional Information (Details) - EUR (€)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Disclosure of changes in the share capital
Total shareholders’ equity	€ 57,863,000	€ 116,333,000	€ 54,151,000	€ 107,440,000
Par value per share (in EUR per share)	€ 0.05
Exercise and subscription of equity instruments	€ 348,000	191,000
Number of own shares (in shares)	18,575		18,575
BSAAR 2012
Disclosure of changes in the share capital
Number of equity instruments converted in ordinary shares (in shares)	47,100
Share issued, price per share (in EUR per share)	€ 2.04
Company saving plan
Disclosure of changes in the share capital
Exercise and subscription of equity instruments (in shares)	223,593
Company saving plan, employer top-up
Disclosure of changes in the share capital
Exercise and subscription of equity instruments (in shares)	163,293
BSA 2013
Disclosure of changes in the share capital
Number of equity instruments converted in ordinary shares (in shares)	33,860
Share issued, price per share (in EUR per share)	€ 2.36
Company saving plan, employee contribution
Disclosure of changes in the share capital
Exercise and subscription of equity instruments (in shares)	60,300
Share issued, price per share (in EUR per share)	€ 2.85
Ordinary Shares
Disclosure of changes in the share capital
Number of shares outstanding (in shares)	80,516,622
Par value per share (in EUR per share)	€ 0.05
The 2016 free preferred shares
Disclosure of changes in the share capital
Par value per share (in EUR per share)	€ 0.05
Total number of shares issued (in shares)	6,514
The 2017 free preferred shares
Disclosure of changes in the share capital
Par value per share (in EUR per share)	€ 0.05
Total number of shares issued (in shares)	7,581
Share capital
Disclosure of changes in the share capital
Total shareholders’ equity	€ 4,026,536	3,988,000	€ 4,011,000	€ 3,978,000
Exercise and subscription of equity instruments	€ 15,228	€ 11,000
Share capital | Ordinary Shares
Disclosure of changes in the share capital
Total number of shares issued (in shares)	80,516,622	79,753,657	80,212,069	79,542,627
Exercise and subscription of equity instruments (in shares)	304,553	211,030
Share premium
Disclosure of changes in the share capital
Total shareholders’ equity	€ 381,371,000	€ 377,998,000	€ 379,637,000	€ 375,220,000
Exercise and subscription of equity instruments	€ 332,621	€ 181,000

XML

Capital - Disclosure of number and weighted average exercise prices of other equity instruments (Details)	Jun. 30, 2023 shares € / shares
Warrant
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of free shares granted (in shares)	10,592,170
Number of other equity instruments forfeited in share-based payment arrangement (in shares)	1,901,049
Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)	2,928,394
Number of other equity instruments outstanding in share-based payment arrangement (in shares)	5,762,727
Number of other equity instruments exercisable in share-based payment arrangement (in shares)	6,514,299
BSAAR 2011
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of free shares granted (in shares)	650,000
Number of other equity instruments forfeited in share-based payment arrangement (in shares)	25,000
Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)	625,000
Number of other equity instruments outstanding in share-based payment arrangement (in shares)	0
Number of other equity instruments exercisable in share-based payment arrangement (in shares)	0
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in EUR per share) | € / shares	€ 2.04
BSAAR 2012
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of free shares granted (in shares)	146,050
Number of other equity instruments forfeited in share-based payment arrangement (in shares)	12,250
Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)	133,800
Number of other equity instruments outstanding in share-based payment arrangement (in shares)	0
Number of other equity instruments exercisable in share-based payment arrangement (in shares)	0
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in EUR per share) | € / shares	€ 2.04
BSAAR 2015
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of free shares granted (in shares)	1,050,382
Number of other equity instruments forfeited in share-based payment arrangement (in shares)	2,720
Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)	1,940
Number of other equity instruments outstanding in share-based payment arrangement (in shares)	1,045,722
Number of other equity instruments exercisable in share-based payment arrangement (in shares)	1,045,722
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in EUR per share) | € / shares	€ 7.20
AGAP Management 2016-1
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of free shares granted (in shares)	2,000
Number of other equity instruments forfeited in share-based payment arrangement (in shares)	550
Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)	250
Number of other equity instruments outstanding in share-based payment arrangement (in shares)	86,700
Number of other equity instruments exercisable in share-based payment arrangement (in shares)	59,350
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in EUR per share) | € / shares	€ 59,350
AGAP Employees 2016-1
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of free shares granted (in shares)	2,486
Number of other equity instruments forfeited in share-based payment arrangement (in shares)	251
Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)	167
Number of other equity instruments outstanding in share-based payment arrangement (in shares)	2,068
Number of other equity instruments exercisable in share-based payment arrangement (in shares)	268,840
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in EUR per share) | € / shares	€ 0
AGA Management 2016-1
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of free shares granted (in shares)	50,000
Number of other equity instruments forfeited in share-based payment arrangement (in shares)	0
Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)	50,000
Number of other equity instruments outstanding in share-based payment arrangement (in shares)	0
Number of other equity instruments exercisable in share-based payment arrangement (in shares)	0
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in EUR per share) | € / shares	€ 0
AGAP Management 2016-2
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of free shares granted (in shares)	3,000
Number of other equity instruments forfeited in share-based payment arrangement (in shares)	0
Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)	0
Number of other equity instruments outstanding in share-based payment arrangement (in shares)	3,000
Number of other equity instruments exercisable in share-based payment arrangement (in shares)	333,000
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in EUR per share) | € / shares	€ 0
AGA Management 2016-2
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of free shares granted (in shares)	250,000
Number of other equity instruments forfeited in share-based payment arrangement (in shares)	0
Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)	250,000
Number of other equity instruments outstanding in share-based payment arrangement (in shares)	0
Number of other equity instruments exercisable in share-based payment arrangement (in shares)	0
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in EUR per share) | € / shares	€ 0
AGAP Employees 2017-1
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of free shares granted (in shares)	5,725
Number of other equity instruments forfeited in share-based payment arrangement (in shares)	5,725
Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)	0
Number of other equity instruments outstanding in share-based payment arrangement (in shares)	0
Number of other equity instruments exercisable in share-based payment arrangement (in shares)	0
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in EUR per share) | € / shares	€ 0
AGAP Management 2017-1
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of free shares granted (in shares)	2,400
Number of other equity instruments forfeited in share-based payment arrangement (in shares)	2,400
Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)	0
Number of other equity instruments outstanding in share-based payment arrangement (in shares)	0
Number of other equity instruments exercisable in share-based payment arrangement (in shares)	0
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in EUR per share) | € / shares	€ 0
AGA Employees 2017
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of free shares granted (in shares)	114,500
Number of other equity instruments forfeited in share-based payment arrangement (in shares)	4,000
Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)	110,500
Number of other equity instruments outstanding in share-based payment arrangement (in shares)	0
Number of other equity instruments exercisable in share-based payment arrangement (in shares)	0
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in EUR per share) | € / shares	€ 0
AGA Bonus 2018-1
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of free shares granted (in shares)	67,028
Number of other equity instruments forfeited in share-based payment arrangement (in shares)	469
Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)	66,559
Number of other equity instruments outstanding in share-based payment arrangement (in shares)	0
Number of other equity instruments exercisable in share-based payment arrangement (in shares)	0
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in EUR per share) | € / shares	€ 0
AGAP Perf Employees 2018-1
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of free shares granted (in shares)	327,500
Number of other equity instruments forfeited in share-based payment arrangement (in shares)	224,375
Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)	103,125
Number of other equity instruments outstanding in share-based payment arrangement (in shares)	0
Number of other equity instruments exercisable in share-based payment arrangement (in shares)	0
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in EUR per share) | € / shares	€ 0
AGAP Perf Management 2018-1
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of free shares granted (in shares)	260,000
Number of other equity instruments forfeited in share-based payment arrangement (in shares)	150,000
Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)	110,000
Number of other equity instruments outstanding in share-based payment arrangement (in shares)	0
Number of other equity instruments exercisable in share-based payment arrangement (in shares)	0
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in EUR per share) | € / shares	€ 0
AGA Employees 2018
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of free shares granted (in shares)	90,650
Number of other equity instruments forfeited in share-based payment arrangement (in shares)	5,000
Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)	85,650
Number of other equity instruments outstanding in share-based payment arrangement (in shares)	0
Number of other equity instruments exercisable in share-based payment arrangement (in shares)	0
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in EUR per share) | € / shares	€ 0
AGA New Members 2017-1
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of free shares granted (in shares)	25,000
Number of other equity instruments forfeited in share-based payment arrangement (in shares)	0
Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)	25,000
Number of other equity instruments outstanding in share-based payment arrangement (in shares)	0
Number of other equity instruments exercisable in share-based payment arrangement (in shares)	0
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in EUR per share) | € / shares	€ 0
AGA Bonus 2019-1
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of free shares granted (in shares)	57,376
Number of other equity instruments forfeited in share-based payment arrangement (in shares)	0
Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)	57,376
Number of other equity instruments outstanding in share-based payment arrangement (in shares)	0
Number of other equity instruments exercisable in share-based payment arrangement (in shares)	0
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in EUR per share) | € / shares	€ 0
AGA Bonus 2020-1 & 2
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of free shares granted (in shares)	79,861
Number of other equity instruments forfeited in share-based payment arrangement (in shares)	17,885
Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)	61,976
Number of other equity instruments outstanding in share-based payment arrangement (in shares)	0
Number of other equity instruments exercisable in share-based payment arrangement (in shares)	0
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in EUR per share) | € / shares	€ 0
AGAP Employees 2020-1
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of free shares granted (in shares)	766,650
Number of other equity instruments forfeited in share-based payment arrangement (in shares)	310,434
Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)	0
Number of other equity instruments outstanding in share-based payment arrangement (in shares)	456,216
Number of other equity instruments exercisable in share-based payment arrangement (in shares)	456,216
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in EUR per share) | € / shares	€ 0
AGAP Management 2020-1
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of free shares granted (in shares)	710,000
Number of other equity instruments forfeited in share-based payment arrangement (in shares)	60,000
Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)	0
Number of other equity instruments outstanding in share-based payment arrangement (in shares)	650,000
Number of other equity instruments exercisable in share-based payment arrangement (in shares)	650,000
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in EUR per share) | € / shares	€ 0
AGA Bonus 2021-1
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of free shares granted (in shares)	125,748
Number of other equity instruments forfeited in share-based payment arrangement (in shares)	0
Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)	125,748
Number of other equity instruments outstanding in share-based payment arrangement (in shares)	0
Number of other equity instruments exercisable in share-based payment arrangement (in shares)	0
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in EUR per share) | € / shares	€ 0
AGAP Employees 2021-1
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of free shares granted (in shares)	1,066,600
Number of other equity instruments forfeited in share-based payment arrangement (in shares)	167,600
Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)	0
Number of other equity instruments outstanding in share-based payment arrangement (in shares)	899,000
Number of other equity instruments exercisable in share-based payment arrangement (in shares)	899,000
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in EUR per share) | € / shares	€ 0
AGAP Management 2021-1
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of free shares granted (in shares)	610,000
Number of other equity instruments forfeited in share-based payment arrangement (in shares)	90,000
Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)	0
Number of other equity instruments outstanding in share-based payment arrangement (in shares)	520,000
Number of other equity instruments exercisable in share-based payment arrangement (in shares)	520,000
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in EUR per share) | € / shares	€ 0
AGA "Plan Epargne Entreprise" 2022
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of free shares granted (in shares)	138,960
Number of other equity instruments forfeited in share-based payment arrangement (in shares)	0
Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)	138,960
Number of other equity instruments outstanding in share-based payment arrangement (in shares)	0
Number of other equity instruments exercisable in share-based payment arrangement (in shares)	0
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in EUR per share) | € / shares	€ 0
AGA Bonus 2022-1
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of free shares granted (in shares)	128,061
Number of other equity instruments forfeited in share-based payment arrangement (in shares)	0
Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)	0
Number of other equity instruments outstanding in share-based payment arrangement (in shares)	128,061
Number of other equity instruments exercisable in share-based payment arrangement (in shares)	128,061
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in EUR per share) | € / shares	€ 0
AGA Perf Employees 2022-1
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of free shares granted (in shares)	1,371,500
Number of other equity instruments forfeited in share-based payment arrangement (in shares)	81,000
Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)	0
Number of other equity instruments outstanding in share-based payment arrangement (in shares)	1,290,500
Number of other equity instruments exercisable in share-based payment arrangement (in shares)	1,290,500
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in EUR per share) | € / shares	€ 0
AGA Perf Management 2022-1
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of free shares granted (in shares)	550,000
Number of other equity instruments forfeited in share-based payment arrangement (in shares)	0
Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)	0
Number of other equity instruments outstanding in share-based payment arrangement (in shares)	550,000
Number of other equity instruments exercisable in share-based payment arrangement (in shares)	550,000
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in EUR per share) | € / shares	€ 0
AGA "Plan Epargne Entreprise" 2023
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of free shares granted (in shares)	163,293
Number of other equity instruments forfeited in share-based payment arrangement (in shares)	0
Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)	163,293
Number of other equity instruments outstanding in share-based payment arrangement (in shares)	0
Number of other equity instruments exercisable in share-based payment arrangement (in shares)	0
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in EUR per share) | € / shares	€ 0
Stock Options 2020-1
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of free shares granted (in shares)	102,000
Number of other equity instruments forfeited in share-based payment arrangement (in shares)	102,000
Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)	0
Number of other equity instruments outstanding in share-based payment arrangement (in shares)	0
Number of other equity instruments exercisable in share-based payment arrangement (in shares)	0
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in EUR per share) | € / shares	€ 0
AGAP 2019 Employees 2019
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of free shares granted (in shares)	546,700
Number of other equity instruments forfeited in share-based payment arrangement (in shares)	375,150
Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)	171,550
Number of other equity instruments outstanding in share-based payment arrangement (in shares)	0
Number of other equity instruments exercisable in share-based payment arrangement (in shares)	0
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in EUR per share) | € / shares	€ 0
AGAP 2019 Management 2019
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of free shares granted (in shares)	355,000
Number of other equity instruments forfeited in share-based payment arrangement (in shares)	207,500
Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)	147,500
Number of other equity instruments outstanding in share-based payment arrangement (in shares)	0
Number of other equity instruments exercisable in share-based payment arrangement (in shares)	0
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in EUR per share) | € / shares	€ 0
BSA 2011-2
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of free shares granted (in shares)	225,000
Number of other equity instruments forfeited in share-based payment arrangement (in shares)	25,000
Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)	200,000
Number of other equity instruments outstanding in share-based payment arrangement (in shares)	0
Number of other equity instruments exercisable in share-based payment arrangement (in shares)	0
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in EUR per share) | € / shares	€ 1.77
BSA 2013
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of free shares granted (in shares)	237,500
Number of other equity instruments forfeited in share-based payment arrangement (in shares)	0
Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)	225,000
Number of other equity instruments outstanding in share-based payment arrangement (in shares)	12,500
Number of other equity instruments exercisable in share-based payment arrangement (in shares)	12,500
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in EUR per share) | € / shares	€ 2.36
BSA 2014
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of free shares granted (in shares)	150,000
Number of other equity instruments forfeited in share-based payment arrangement (in shares)	0
Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)	75,000
Number of other equity instruments outstanding in share-based payment arrangement (in shares)	75,000
Number of other equity instruments exercisable in share-based payment arrangement (in shares)	75,000
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in EUR per share) | € / shares	€ 8.65
BSA 2015-1
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of free shares granted (in shares)	70,000
Number of other equity instruments forfeited in share-based payment arrangement (in shares)	0
Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)	0
Number of other equity instruments outstanding in share-based payment arrangement (in shares)	70,000
Number of other equity instruments exercisable in share-based payment arrangement (in shares)	70,000
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in EUR per share) | € / shares	€ 9.59
BSA 2015-2
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of free shares granted (in shares)	14,200
Number of other equity instruments forfeited in share-based payment arrangement (in shares)	0
Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)	0
Number of other equity instruments outstanding in share-based payment arrangement (in shares)	14,200
Number of other equity instruments exercisable in share-based payment arrangement (in shares)	14,200
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in EUR per share) | € / shares	€ 14.05
BSA 2017
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of free shares granted (in shares)	37,000
Number of other equity instruments forfeited in share-based payment arrangement (in shares)	0
Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)	0
Number of other equity instruments outstanding in share-based payment arrangement (in shares)	37,000
Number of other equity instruments exercisable in share-based payment arrangement (in shares)	37,000
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in EUR per share) | € / shares	€ 11.00
BSA 2022-1
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of free shares granted (in shares)	40,000
Number of other equity instruments forfeited in share-based payment arrangement (in shares)	31,740
Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)	0
Number of other equity instruments outstanding in share-based payment arrangement (in shares)	8,260
Number of other equity instruments exercisable in share-based payment arrangement (in shares)	8,260
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement (in EUR per share) | € / shares	€ 2.31

XML

Financial instruments recognized in the statement of financial position and related effect on the income statement (Details) - EUR (€) € in Thousands	Jun. 30, 2023	Dec. 31, 2022
Disclosure of detailed information about financial instruments [line items]
Financial assets	€ 181,125	€ 189,049
Financial assets, fair value	181,125	189,049
Financial liabilities	59,649	63,162
Financial liabilities, fair value	59,649	63,162
Financial liabilities at fair value through profit or loss, category
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	0	0
Financial liabilities at amortised cost, category
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	59,649	63,162
Financial liabilities—non-current portion
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	35,323	40,149
Financial liabilities, fair value	35,323	40,149
Financial liabilities—non-current portion | Financial liabilities at fair value through profit or loss, category
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	0	0
Financial liabilities—non-current portion | Financial liabilities at amortised cost, category
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	35,323	40,149
Financial liabilities—current portion
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	5,335	2,102
Financial liabilities, fair value	5,335	2,102
Financial liabilities—current portion | Financial liabilities at fair value through profit or loss, category
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	0	0
Financial liabilities—current portion | Financial liabilities at amortised cost, category
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	5,335	2,102
Trade payables and others
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	18,991	20,911
Financial liabilities, fair value	18,991	20,911
Trade payables and others | Financial liabilities at fair value through profit or loss, category
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	0	0
Trade payables and others | Financial liabilities at amortised cost, category
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	18,991	20,911
Financial assets at fair value through profit or loss, category
Disclosure of detailed information about financial instruments [line items]
Financial assets	124,679	136,604
Financial assets at amortised cost, category
Disclosure of detailed information about financial instruments [line items]
Financial assets	56,446	52,445
Non-current financial assets
Disclosure of detailed information about financial instruments [line items]
Financial assets	35,790	35,119
Financial assets, fair value	35,790	35,119
Non-current financial assets | Financial assets at fair value through profit or loss, category
Disclosure of detailed information about financial instruments [line items]
Financial assets	35,790	35,119
Non-current financial assets | Financial assets at amortised cost, category
Disclosure of detailed information about financial instruments [line items]
Financial assets	0	0
Trade receivables and others
Disclosure of detailed information about financial instruments [line items]
Financial assets	56,446	52,445
Financial assets, fair value	56,446	52,445
Trade receivables and others | Financial assets at fair value through profit or loss, category
Disclosure of detailed information about financial instruments [line items]
Financial assets	0	0
Trade receivables and others | Financial assets at amortised cost, category
Disclosure of detailed information about financial instruments [line items]
Financial assets	56,446	52,445
Short-term investments
Disclosure of detailed information about financial instruments [line items]
Financial assets	17,475	17,260
Financial assets, fair value	17,475	17,260
Short-term investments | Financial assets at fair value through profit or loss, category
Disclosure of detailed information about financial instruments [line items]
Financial assets	17,475	17,260
Short-term investments | Financial assets at amortised cost, category
Disclosure of detailed information about financial instruments [line items]
Financial assets	0	0
Cash and cash equivalents
Disclosure of detailed information about financial instruments [line items]
Financial assets	71,414	84,225
Financial assets, fair value	71,414	84,225
Cash and cash equivalents | Financial assets at fair value through profit or loss, category
Disclosure of detailed information about financial instruments [line items]
Financial assets	71,414	84,225
Cash and cash equivalents | Financial assets at amortised cost, category
Disclosure of detailed information about financial instruments [line items]
Financial assets	€ 0	€ 0

XML

Revenue, government financing for research expenditures and sales - Disclosure of revenue from collaboration and licensing agreements (Details) - EUR (€) € in Thousands		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from collaboration and licensing agreements		€ 35,344	€ 41,271
Proceeds from collaboration and licensing agreements
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from collaboration and licensing agreements		34,728	41,919
Monalizumab agreement (AstraZeneca)
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from collaboration and licensing agreements		9,503	16,440
IPH5201 agreement (AstraZeneca)
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from collaboration and licensing agreements		0	4,826
Preclinical molecules agreement (AstraZeneca)
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from collaboration and licensing agreements		0	17,400
Agreement with Sanofi, 2016
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from collaboration and licensing agreements		2,000	3,000
Agreement with Sanofi, 2022
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from collaboration and licensing agreements	€ 18,500	18,672	0
Takeda agreement
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from collaboration and licensing agreements		4,553	0
Other agreements
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from collaboration and licensing agreements		0	252
Invoicing of R&D costs (IPH5201 agreement)
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from collaboration and licensing agreements		616	(21)
Exchange gains or losses on collaboration agreement
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from collaboration and licensing agreements		€ 0	€ (627)

XML

Revenue, government financing for research expenditures and sales - Disclosure of change in deferred revenue and collaboration liabilities (Details) € in Thousands, $ in Thousands			1 Months Ended	6 Months Ended
	Jun. 17, 2022 EUR (€)	Jun. 17, 2022 USD ($)	Mar. 31, 2023 EUR (€) target_option	Jun. 30, 2023 EUR (€) preclinicalMolecules	Jun. 30, 2022 EUR (€)	Dec. 19, 2022 target_option
2015 monalizumab agreement, with AstraZeneca
Collaboration Liabilities, Roll Forward [Abstract]
Milestone payment received	€ 47,687	$ 50,000
Agreement with Sanofi, 2022
Collaboration Liabilities, Roll Forward [Abstract]
Milestone payment received			€ 25,000
Payments for target options			€ 5,000	€ 5,000
Number of target options | target_option			2			2
Number of preclinical molecules | preclinicalMolecules				2
Revenues from contract liabilities, period				3 years
Payments for research work			€ 1,500	€ 1,400
Deferred revenue
Deferred Revenue, Roll Forward [Abstract]
Contract liabilities at beginning of period				14,481	€ 37,912
Revenue for the six months period/Deductions				(9,675)	(34,075)
Contract liabilities at end of period				11,024	17,427
Collaboration Liabilities, Roll Forward [Abstract]
Contract liabilities at beginning of period				14,481	37,912
Contract liabilities at end of period				11,024	17,427
Deferred revenue | 2015 monalizumab agreement, with AstraZeneca
Deferred Revenue, Roll Forward [Abstract]
Contract liabilities at beginning of period				14,481	20,159
Increase in deferred revenue/Additions					47,687
Revenue for the six months period/Deductions				(9,503)	(16,440)
Transfer from / (to) collaboration liabilities				(283)	(34,094)
Contract liabilities at end of period				4,696	17,312
Collaboration Liabilities, Roll Forward [Abstract]
Contract liabilities at beginning of period				14,481	20,159
Contract liabilities at end of period				4,696	17,312
Deferred revenue | Agreement with Sanofi, 2022
Deferred Revenue, Roll Forward [Abstract]
Contract liabilities at beginning of period				0
Increase in deferred revenue/Additions				6,500
Revenue for the six months period/Deductions				(172)
Contract liabilities at end of period				6,328
Collaboration Liabilities, Roll Forward [Abstract]
Contract liabilities at beginning of period				0
Contract liabilities at end of period				6,328
Collaboration liabilities | 2015 monalizumab agreement, with AstraZeneca
Deferred Revenue, Roll Forward [Abstract]
Contract liabilities at beginning of period				63,211	40,415
Contract liabilities at end of period				56,058	73,121
Collaboration Liabilities, Roll Forward [Abstract]
Contract liabilities at beginning of period				63,211	40,415
Additions	34,335	36,000		283	38,568
Deductions				(7,436)	(5,862)
Contract liabilities at end of period				€ 56,058	€ 73,121
Collaboration liabilities | 2015 monalizumab agreement, with AstraZeneca | PACIFIC-9
Collaboration Liabilities, Roll Forward [Abstract]
Additions	34,335	$ 36,000
Collaboration liabilities | 2015 monalizumab agreement, with AstraZeneca | Exchange rate fluctuations
Collaboration Liabilities, Roll Forward [Abstract]
Additions	€ 3,700

XML

Revenue, government financing for research expenditures and sales - Additional Information (Details) € in Thousands, $ in Millions			1 Months Ended	6 Months Ended		12 Months Ended
	Jun. 30, 2023 EUR (€)	Jun. 01, 2022 USD ($)	Mar. 31, 2023 EUR (€) target_option	Jun. 30, 2023 EUR (€)	Jun. 30, 2022 EUR (€)	Dec. 31, 2022 USD ($)	Dec. 19, 2022 target_option
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from collaboration and licensing agreements				€ 35,344	€ 41,271
Agreement related to IPH5201 with AstraZeneca
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from collaboration and licensing agreements				0	4,826
Milestone payment received | $		$ 5.0
Advance received | $						$ 5.0
IPH5201 agreement, with AstraZeneca
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from collaboration and licensing agreements				0	4,826
Collaboration milestone payments receivable | $		$ 5.0
Agreement with Sanofi, 2016
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from collaboration and licensing agreements				2,000	3,000
Milestone payment received					2,000
Agreement with Sanofi, 2022
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from collaboration and licensing agreements	€ 18,500			18,672	€ 0
Milestone payment received			€ 25,000
Advance received			25,000
Payments for licenses			18,500
Payments for research work			1,500	1,400
Payments for target options			€ 5,000	€ 5,000
Number of target options | target_option			2				2

XML

Revenue, government financing for research expenditures and sales - Disclosure of variance of deferred revenue (Details) - Deferred revenue - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract liabilities at beginning of period	€ 14,481	€ 37,912
Recognition in P&L	(9,675)	(34,075)
Proceeds	6,500	47,687
Transfer from / (to) collaboration liabilities	(283)	(34,094)
Contract liabilities at end of period	11,024	17,427
Monalizumab
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract liabilities at beginning of period	14,481	20,159
Recognition in P&L	(9,503)	(16,440)
Proceeds	0	47,687
Transfer from / (to) collaboration liabilities	(283)	(34,094)
Contract liabilities at end of period	4,696	17,312
Sapphire (Sanofi options)
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract liabilities at beginning of period	0
Recognition in P&L	0
Proceeds	5,000
Transfer from / (to) collaboration liabilities	0
Contract liabilities at end of period	5,000
Sapphire (Sanofi services)
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract liabilities at beginning of period	0
Recognition in P&L	(172)
Proceeds	1,500
Transfer from / (to) collaboration liabilities	0
Contract liabilities at end of period	€ 1,328
Preclinical molecules
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract liabilities at beginning of period		17,400
Recognition in P&L		(17,400)
Proceeds		0
Transfer from / (to) collaboration liabilities		0
Contract liabilities at end of period		0
Others
Disclosure of disaggregation of revenue from contracts with customers [line items]
Contract liabilities at beginning of period		353
Recognition in P&L		(235)
Proceeds		0
Transfer from / (to) collaboration liabilities		0
Contract liabilities at end of period		€ 117

XML

Revenue, government financing for research expenditures and sales - Disclosure of government financing for research expenditures (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Disclosure of disaggregation of revenue from contracts with customers [line items]
Research tax credit	€ 4,854	€ 4,270
Grant	0	49
Government financing for research expenditures	4,854	€ 4,319
Gross carrying amount
Disclosure of disaggregation of revenue from contracts with customers [line items]
Research tax credit	5,000
Accumulated impairment
Disclosure of disaggregation of revenue from contracts with customers [line items]
Research tax credit	€ 200

XML

Operating expenses - Disclosure of expenses by nature (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Statement Line Items [Line Items]
Subcontracting costs	€ (15,857)	€ (10,727)
Cost of supplies and consumable materials	(1,510)	(1,948)
Personnel expenses other than share-based compensation	(11,652)	(11,895)
Share-based compensation	(1,401)	(2,596)
Personnel expenses	(13,053)	(14,491)
Non-scientific advisory and consulting	(2,194)	(2,994)
Leasing and maintenance	(915)	(1,058)
Travel expenses and meeting attendance	(323)	(354)
Marketing, communication and public relations	(176)	(459)
Scientific advisory and consulting	(561)	(360)
Other purchases and external expenses	(1,166)	(1,132)
Depreciation and amortization	(3,645)	(2,042)
Intellectual property expenses	(638)	(668)
Other income and (expenses), net	(562)	(863)
Operating expenses	(40,597)	(37,096)
R&D
Statement Line Items [Line Items]
Subcontracting costs	(15,857)	(10,727)
Cost of supplies and consumable materials	(1,410)	(1,663)
Personnel expenses other than share-based compensation	(7,781)	(7,447)
Share-based compensation	(905)	(1,275)
Personnel expenses	(8,686)	(8,722)
Non-scientific advisory and consulting	(532)	(752)
Leasing and maintenance	(470)	(97)
Travel expenses and meeting attendance	(180)	(245)
Marketing, communication and public relations	(34)	(84)
Scientific advisory and consulting	(561)	(360)
Other purchases and external expenses	(13)	(9)
Depreciation and amortization	(3,044)	(1,274)
Intellectual property expenses	(570)	(492)
Other income and (expenses), net	(98)	(531)
Operating expenses	(31,453)	(24,956)
G&A
Statement Line Items [Line Items]
Subcontracting costs	0	0
Cost of supplies and consumable materials	(100)	(285)
Personnel expenses other than share-based compensation	(3,871)	(4,448)
Share-based compensation	(496)	(1,321)
Personnel expenses	(4,367)	(5,769)
Non-scientific advisory and consulting	(1,662)	(2,242)
Leasing and maintenance	(445)	(961)
Travel expenses and meeting attendance	(143)	(109)
Marketing, communication and public relations	(142)	(375)
Scientific advisory and consulting	0	0
Other purchases and external expenses	(1,153)	(1,123)
Depreciation and amortization	(601)	(768)
Intellectual property expenses	(68)	(176)
Other income and (expenses), net	(464)	(332)
Operating expenses	€ (9,144)	€ (12,140)

XML

Operating expenses - Additional Information (Details) € in Thousands	6 Months Ended
	Jun. 30, 2023 EUR (€) employee	Jun. 30, 2022 EUR (€) employee
Disclosure of operating expenses [Line Items]
Personnel expenses other than share-based compensation	€ 11,652	€ 11,895
Number of employees | employee	191	213
Amortisation, intangible assets other than goodwill	€ 2,651	€ 940
Agreement with Orega Biotech
Disclosure of operating expenses [Line Items]
Amortisation, intangible assets other than goodwill	2,000
Monalizumab agreement
Disclosure of operating expenses [Line Items]
Amortisation, intangible assets other than goodwill	€ 651	€ 903

XML

Net financial income / (loss) (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Analysis of income and expense [abstract]
Interests on financial assets	€ 965	€ 198
Change in valuation allowance on financial instruments	1,044	53
Foreign exchange gains	1,073	3,797
Other financial income	0	0
Financial income	3,083	4,048
Foreign exchange losses	(642)	(3,663)
Unrealized losses on financial assets	0	(2,309)
Interest on financial liabilities	(324)	(194)
Other financial expenses	0	0
Financial expenses	(966)	(6,166)
Net financial income (loss)	€ 2,116	€ (2,118)

XML

Income tax / (expense) (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023 EUR (€)	Dec. 31, 2023	Jun. 30, 2023 USD ($)	Dec. 31, 2022 EUR (€)	Dec. 31, 2022 USD ($)
Disclosure Of Income Tax [Line Items]
Current tax expense (income)	€ 0
Unused tax losses with no expiration date	466,153,000			€ 466,153,000
Unused tax losses subject to expiration	€ 15,419,000		$ 16,446	€ 15,419,000	$ 16,446
Forecast
Disclosure Of Income Tax [Line Items]
Applicable tax rate		0.00%

XML

Discontinued Operations - Additional Information (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Discontinued Operations [Abstract]
Net income (loss) from discontinued operations	€ 0	€ 73

XML

Discontinued Operations - Disclosure of analysis of financial performance of discontinued operations (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Revenue and other income
Revenue from collaboration and licensing agreements	€ 35,344	€ 41,271
Revenue and other income	40,198	45,589
Research and development expenses	(31,453)	(24,956)
Operating expenses	(40,597)	(37,096)
Operating income (loss)	(398)	8,494
Financial income	3,083	4,048
Financial expenses	(966)	(6,166)
Net financial income (loss)	2,116	(2,118)
Net income (loss) before tax	1,718	6,376
Net income (loss) from discontinued operations	0	(73)
Discontinued operations
Revenue and other income
Revenue from collaboration and licensing agreements	0	0
Sales	0	42
Revenue and other income	0	42
Research and development expenses	0	(11)
Selling, general and administrative expenses	0	(104)
Impairment of intangible assets	0	0
Operating expenses	0	(115)
Net income (loss) from distribution agreements	0	0
Operating income (loss)	0	(73)
Financial income	0	0
Financial expenses	0	0
Net financial income (loss)	0	0
Net income (loss) before tax	0	(73)
Income tax expense	0	0
Net income (loss) from discontinued operations	€ 0	€ (73)

XML

Discontinued Operations - Disclosure of analysis of cash-flows from discontinued operations (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Discontinued Operations [Abstract]
Net cash generated from / (used in) operating activities	€ 0	€ (5,539)
Net cash generated from / (used in) investing activities	0	0
Net cash generated from / (used in) financing activities	0	0
Net cash flows from discontinued operations	€ 0	€ (5,539)

XML

Commitments, contingencies and litigation (Details) - EUR (€) € in Thousands	Jun. 30, 2023	Dec. 31, 2022
Disclosure of contingent liabilities [table]
Non-cancellable off-balance sheet purchase commitments	€ 3,598
Total provisions	2,247	€ 1,740
Provision for taxes other than income tax
Disclosure of contingent liabilities [table]
Total provisions	1,430	€ 1,270
Grants of employee equity instruments
Disclosure of contingent liabilities [table]
Total provisions	689
Preclinical Services
Disclosure of contingent liabilities [table]
Non-cancellable off-balance sheet purchase commitments	783
Clinical Services
Disclosure of contingent liabilities [table]
Non-cancellable off-balance sheet purchase commitments	€ 2,815

XML

Related party transactions - Disclosure of key management personnel compensation (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Related party transactions [abstract]
Personnel and other short-term employee benefits	€ 1,386	€ 1,205
Extra pension benefits	11	11
Share-based compensation	408	891
Advisory fees	318	0
Executive Board Members and other Executive Members compensation	€ 2,123	€ 2,107

XML

Related party transactions - Additional Information (Details) € in Thousands	Jun. 30, 2023 EUR (€) licensing_agreement
Disclosure of transactions between related parties [Line Items]
Provision for attendance fees	€ 176
Amounts payable, related party transactions	€ 2,587
Novo Nordisk A/S
Disclosure of transactions between related parties [Line Items]
Number of licensing agreements | licensing_agreement	3
Amounts payable, related party transactions	€ 0

XML

Related party transactions - Disclosure of transactions between related parties (Details) € in Thousands	6 Months Ended
	Jun. 30, 2023 EUR (€)
Related party transactions [abstract]
Collection	€ 3,281
Receivables	863
Payments	(8,139)
Liabilities	(2,587)
Net collection (payments)	(4,858)
Net receivables (liabilities)	€ (1,724)

XML

Income / (loss) per share (Details) - EUR (€) € / shares in Units, € in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Income (Loss) Per Share [Abstract]
Net income (loss)	€ 1,718	€ 6,303
Weighted average number of ordinary shares in circulation (in shares)	80,319,897	79,753,657
Basic income (loss) per share (in EUR per share)	€ 0.02	€ 0.08
Adjustment for share instruments (in shares)	3,461,439	2,132,098
Diluted income/(loss) per share (in EUR per share)	€ 0.02	€ 0.08

XML

Label	Element	Value
Trade and other receivables	ifrs-full_TradeAndOtherReceivables	€ 48,241,000
Trade and other receivables	ifrs-full_TradeAndOtherReceivables	52,445,000
Trade and other payables	ifrs-full_TradeAndOtherPayables	20,911,000
Trade and other payables	ifrs-full_TradeAndOtherPayables	28,573,000
Collaboration Liabilities	inpha_CollaborationLiabilities	40,415,000
Collaboration Liabilities	inpha_CollaborationLiabilities	63,211,000
Deferred income including contract liabilities	ifrs-full_DeferredIncomeIncludingContractLiabilities	14,481,000
Deferred income including contract liabilities	ifrs-full_DeferredIncomeIncludingContractLiabilities	37,913,000
Change In Working Capital	inpha_ChangeInWorkingCapital	46,158,000
Change In Working Capital	inpha_ChangeInWorkingCapital	€ 58,660,000